20k in Santander, where next?

OK bumping this, current thoughts are:
Dump 10k into a HL S & S ISA.
4k into a LISA
Open up a Nationwide flex savings account and dump £250 a month in for a year at 5%+ 3k plus interest.
Either find another account for the other £250, or maybe £150 into the ISA and £100 into a SIPP?
That would leave a few k in a cash account for emergencies (car going pop etc)
He's not started a workplace pension yet, but I'm not sure the company would pay much of a contribution, and it might be easier to have a SIPP independently?
Opinions?
 
Just find another account. Interest rates are really low, no point putting in that much effort. Open another current account with nationwide perhaps to make it easy, flex direct, and pay salary into that.
 
You don't think putting a lump sum into an S&S isa is worth it? He already has his wages paid into Nationwide.
 
Is investing in other people's dodgy businesses really a good idea considering a total socioeconomic collapse is on the brink?

When the impending collapse finally occurs I reckon money tied up in all these dodgy bank investments trying to make money out of thin air will be first to get seized/rendered worthless.

Your son's best bet is to just keep working, he is lucky enough to have a father who lets him live at home. Just focus on keeping your son as grounded as he currently is and by the time he's 25 he will have £150,000 of his own hard earned money in the bank.
 
Uther said:
OK bumping this, current thoughts are:
Dump 10k into a HL S & S ISA.
4k into a LISA
Open up a Nationwide flex savings account and dump £250 a month in for a year at 5%+ 3k plus interest.
Either find another account for the other £250, or maybe £150 into the ISA and £100 into a SIPP?
That would leave a few k in a cash account for emergencies (car going pop etc)
He's not started a workplace pension yet, but I'm not sure the company would pay much of a contribution, and it might be easier to have a SIPP independently?
Opinions?
Click to expand...

Open a help to buy isa, It the best thing to do and can take a few years to fill up. The money I got for mine paid all of my legal fees.
Open a nationwide flex account to pay the other money into for the 5%
Put the rest of the savings into a Birmingham Midshires flex save at 1.3% This will pay around £260 a year. Free to take money out when you like as well.

I know your son said he not interested in a property but tell him to look and speak with the estate agents and get a montage agreed to. Then keep an eye out for a good deal. My flat value went up by 18k before I even got the keys.

As for the Pension Just get him to pay £20 a month, the employer will have pay some as well. It best to start something young and pay a little to what I been told.
 
The problem with the Help to Buy ISA is the 250k limit.

If house prices in your area are around this price it's fine but if they're more, than it's poinitless.

I live in Chichester (renting) and if I want a decent house, I'm looking at £300k+.

Currently debating where to put my savings at the moment. I am interested in a LISA account but not sure it's worth it with the 0.5% interest!
 
Casdawer said:
Currently debating where to put my savings at the moment. I am interested in a LISA account but not sure it's worth it with the 0.5% interest!
Click to expand...
All ISAs are pants, but if you're saving for a house the LISA makes sense as you get a 25% bonus. So that's up to £1k bonus every year. That ain't to be sniffed at.

As above though, the issue is the maximum property price which I think is £450k? By the time I've saved enough to buy in the SE I doubt that'd be enough... I'm banking on them raising the limit by that point (well, hoping they will!)
 
Get him to dump all the cash into bitcoin including the £20K he has.

If he had done that 4 years ago when he started saving he would have about £1.2 million right now and could have sold it all and dumped it into a property portfolio to set him up for life where he would never need to work again.
 
Casdawer said:
The problem with the Help to Buy ISA is the 250k limit.

If house prices in your area are around this price it's fine but if they're more, than it's poinitless.

I live in Chichester (renting) and if I want a decent house, I'm looking at £300k+.

Currently debating where to put my savings at the moment. I am interested in a LISA account but not sure it's worth it with the 0.5% interest!
Click to expand...

Bitcoin > LISA
 
VincentHanna said:
Pretty sure houses are going up more than £1000 a year in my area though.
Click to expand...
Well yes, obviously. Flats in my area are going up £30k+ per year, I've seen some detached houses "earning" more like £70-90k per year.

But my point still stands, the £1000 bonus is more than you'd get from the interest in a regular ISA.
 
Quinnaay said:
but where do someone like me whos never invested in bitcoin or know much about it find out where to start/what sites to use and find the information in easy terms
Click to expand...

google and reddit, especially reddit.

think of it as stocks and shares and be wary of sources and you will be fine. there is also a dedicated cryptocurrency section on this very forum so you might want to head there first before googling and going to reddit.

i'd personally avoid all these small altcoins and stick with bitcoin mainly
 
Quinnaay said:
but where do someone like me whos never invested in bitcoin or know much about it find out where to start/what sites to use and find the information in easy terms
Click to expand...

Be very aware before you look at Bitcoin, you are not 'investing', you are speculating on the value going up. Everyone you speak to in the crypto community echo chamber has a vested interest in creating more demand and convincing you to buy in, in order to drive up the value of their holdings.

Oh and right now you're sat at the tail end of a monster bull run...i.e. the worst possible time to buy in. Lowest returns, maximum risk.

Don't say you weren't warned. Good luck.
 
mid_gen said:
Be very aware before you look at Bitcoin, you are not 'investing', you are speculating on the value going up. Everyone you speak to in the crypto community echo chamber has a vested interest in creating more demand and convincing you to buy in, in order to drive up the value of their holdings.

Oh and right now you're sat at the tail end of a monster bull run...i.e. the worst possible time to buy in. Lowest returns, maximum risk.

Don't say you weren't warned. Good luck.
Click to expand...

people have been seeing that for years. have you looked at the BTC historical chart? it's never really went down ever and when it has it's been a slight dip and recovered strongly.

less than 1% of the world is using cryptocurrency atm. when market demand does really catch on the value of it will skyrocket. they are saying £100K for a single BTC could easily be achievable.

yes it's all speculation which is why you shouldn't invest what you aren't prepared to lose. however i don't see it failing any time soon and i still see it's potential to grow is massive. it's still in it's infancy and now plenty of governments are now backing certain currencies of their own. bitcoin cash was made by china to be owned and controlled by them for instance.
 
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