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£10k savings - is a LISA a good option?

5 replies

NQismyhome · 04/02/2018 13:25

I’m 38, self-employed, zero pension and currently have £10k savings in a current account.
I’ve just started (panicking) to look into long-term savings and have been reading about LISAs. If I pay £4K in now and another £4K in April, would this be a good move with my current savings?

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woodlanddreamer · 04/02/2018 13:26

If you don't want to touch it until you retire (or buy your first house) it is a great option.

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FannyWisdom · 04/02/2018 13:31

What interest rate is LISA can you get the same or better anywhere?
Unless you pay tax on your interest (100k+) you may find a normal saving account offers more.

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woodlanddreamer · 04/02/2018 14:23

The government give a 25% bonus on a LISA, that's the difference. But only if you use it for your first house purchase or at retirement.

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Winebottle · 04/02/2018 21:35

You should do shares because you still have many years for markets to sort themselves out.

LISA is a good option. If you are a higher rate payer, a SIPP is better.

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NQismyhome · 04/02/2018 23:38

Thanks for the replies.
I think I’ll open one for this year as a starting point.

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