Best savings account?

someone here mentioned the vanguard direct ISA

Set the 2023/2024 allowance up to the allowed max with these 3 index funds with an equal amount

VUSA
VHYL
VWRL

Now need to think about 2024
 
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Hi,

Quick question, i have recently setup a Zopa ISA account (the 5.08%) account which is a flexi type of account, interest paid monthly, you can widthdraw no pentalies, save up to £20k in the same tax year etc. I dumped £10k in to it, and so far its up to £13,390k (Opened Dec 2nd 2023) Does this mean I am allowed to save up to the £20k before this tax year ends, then it will refresh in April 2024? where i can then add more to it ?


Another question
I know you can open a different "type" of ISA and save alongside this one, IE it maybe be a different ISA account, or a stocks and shares ISA etc, whats generally the next best way to go to save tax free with the better return, i have not really looked in to stocks and shares ISA before but im after some info about how risky it is ?



I want to try and get another account which is giving me gaurenteed return on investment if i save in to it, tax free along side my current cash isa with ZOPA
 
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200sols said:
This doesn't add up.

But whatever the sums if you only added 10k you can add another 10k before the deadline. Then you get another 20k for the new tax year.
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Why doesnt it add up ?

I opened it by dumping in £10k beginning of december, then when i got paid Dec 20th i dumped another £3350 in, giving me a total of £13,350, yesterday i recieved £47 interest payment from 2nd Dec > 2nd Jan, so my correction i actually have £13,397 in there at the moment (Apologies i should have said i made another deposit end of Dec)

and thanks thats what i wanted to clarify that in April I could continue to save another £20k in to this account from the new tax year.


Can anyone reccomend another decent return type of ISA? or is it worth just using the new tax year to continue saving in to this Cash ISA. Planning to have a search to see what products are out there
 
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200sols said:
It depends if you are willing to take on risk, over the long term an S&S ISA with simple global tracker will outperform cash by a considerable margin.
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I don't know, it depends, im not willing to just lose money, but i know you have to be a little patient with S&S ISA, IE i guess you could run in to a situation where you could be down, but then I guess in those situations you could have to "ride out" any negative or losses? and wait for it to climb back ?

I could be but i wouldnt want to lose or risk a conciderable amount, until i have confidence in it
 
DJMK4 said:
I don't know, it depends, im not willing to just lose money, but i know you have to be a little patient with S&S ISA, IE i guess you could run in to a situation where you could be down, but then I guess in those situations you could have to "ride out" any negative or losses? and wait for it to climb back ?

I could be but i wouldnt want to lose or risk a conciderable amount, until i have confidence in it
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It all depends on the risk profile of the shares/fund/bonds you buy. You're not guaranteed to make back any losses over time.
 
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DJMK4 said:
I don't know, it depends, im not willing to just lose money, but i know you have to be a little patient with S&S ISA, IE i guess you could run in to a situation where you could be down, but then I guess in those situations you could have to "ride out" any negative or losses? and wait for it to climb back ?

I could be but i wouldnt want to lose or risk a conciderable amount, until i have confidence in it
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The time frame is years. Decades. The earlier you start the better your compounding potential.
 
Minstadave said:
If under 40 a lifetime ISA is worth a look for a long term strategy.
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You can only put in £4k each tax year in to a lifetime ISA, i usually save approx £3.3-3.5k per month so i would assume i would hit my limit within 1.25 months :)

Maybe for a longer term strategy, but that is super long term

It would mean saving for 10 years to accumulate £40k in the lifetime ISA. Is it really worth it? Also worth noting I am 40 years old this September. I wouldnt benifit from the 25% bonus as im not a first time house buyer, but could i use the bonus for retirement ?
 
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DJMK4 said:
You can only put in £4k each tax year in to a lifetime ISA, i usually save approx £3.3-3.5k per month so i would assume i would hit my limit within 1.25 months :)

Maybe for a longer term strategy, but that is super long term

It would mean saving for 10 years to accumulate £40k in the lifetime ISA. Is it really worth it? Also worth noting I am 40 years old this September. I wouldnt benifit from the 25% bonus as im not a first time house buyer, but could i use the bonus for retirement ?
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Max your ISA every year and the rest into a low cost SIPP? That's what I would do anyway.
 
DJMK4 said:
You can only put in £4k each tax year in to a lifetime ISA, i usually save approx £3.3-3.5k per month so i would assume i would hit my limit within 1.25 months :)

Maybe for a longer term strategy, but that is super long term

It would mean saving for 10 years to accumulate £40k in the lifetime ISA. Is it really worth it? Also worth noting I am 40 years old this September. I wouldnt benifit from the 25% bonus as im not a first time house buyer, but could i use the bonus for retirement ?
Click to expand...
You still get the 25% bonus if not using it to buy a house. You get the bonus as you pay in so it earns interest too.
 
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