Hope you’re all good and not going crazy during this lockdown!
I’ve been looking at my finances and I’m kind of stuck on what to do. I’m thinking about opening an investment ISA but not sure if it’s a good idea in the current climate?
I currently have:
A LISA with Moneybox - sitting at £5000. I opened it last year and maxed it out.
I also have £2300 emergency fund (I live at home and my bills are pretty cheap) in my Santander Graduate account which just dropped its interest rate from 3% to 1%.
Once I max out my LISA, I can save a lot more but I’m just not sure where to put that money.
I know ideally an S&S ISA will need 5-10 year maturity so not sure it’s the best for me considering I want to get a house deposit within the next 2 years or so. But I’m happy with a bit of risk & just want something that will grow my money overtime.
I’ve looked into the Open Money Investment ISA as per Money Saving Expert’s advice (they do it all for you and fees are cheap). But is it right for me?
What would you do in my situation?