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I dunno mate you’re 23, touch some grass and have some fun
Depends on what your income stream looks like and when in the financial you want to save.
If you know you get income at the start of the ISA year, or have low regular income, dump it in those 6-8% interest regular saver accounts. There’re 5-10 regular savers available at any time that’ll let you dump in £200-400 per month which means you’ll be earning 6-7% guaranteed on £1.5k+ put in a month.
Looking at this list and just looking at the ones that are 6+% that’s already like £700 in interest per year for putting in £1.7k per month which is a great ROR if you don’t need that money immediately and you literally don’t have to do anything more than setting up the accounts + setting up a direct debit for each, and then literally nothing after.
If you just have a large bulk of cash then dumping it in a fixed rate saving account is probably better since you’d be earning a lower interest, but you’d be earning it on the entire sum as opposed to incremental sums
@veteran He definitely need to do that
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Hello everyone,
I’m 23M and I am in the fortunate position to have maxed out my first ever ISA. Now this is one of those managed accounts which I should in reality get rid off and have a regular ISA account with Trading 212 or similar. I’ve got another 5k in an easy access account (3.62% AER) and another 10k in a fixed term account (2.10% AER) which I regret ever starting, luckily maturing this year. I’ve also got a SIPP which is at £3,600+ (with the gov contributions). I’ve also got the employer pensions which have a total of £2,700. Me and my parents own a second house which I have around £60,000 in there and my parents the other half. We are getting a monthly rent of £1,000.
Edit- I’m not currently looking at a lifetime isa as I’ve got the SIPP and bought a house under my name so I don’t think I wouldn’t qualify for the house part.
Now I’m just currently putting as much money in to the easy access until March/April 27 so I could put another 20k in a ISA. What do you guys think I should do to further grow my money? I think I’ve got the right fundamentals.
Monthly pay: (after tax, NI, pensions)
Job 1 - £1,700
Job 2 - £625
Rental - £500