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# Financial Situation Overview

I have been able to save a considerable amount of money over the years, diversifying my investments among different financial institutions and accounts. Currently, I have £20,000 in a fixed cash ISA with NatWest, earning a competitive interest rate of 5.7% for one year. Additionally, I have another £20,000 deposited in a Santander limited saver account, yielding approximately 5.1% in interest. The remaining portion of my savings is held in a Kroo current account, where I receive around 4.35% interest for daily expenses.

## Seeking Financial Advice

Despite the decent returns on my investments, I am wondering if there are any other opportunities to enhance my earnings further. I would greatly appreciate any suggestions or advice on maximizing my savings and making the most out of my current financial situation.

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20 Comments

  • FireBuzzardDestroyer

    ThatÔÇÖs excellent, but whatÔÇÖs your goal here, what are saving for? In the long run, Cash as an asset is unlikely to beat inflation. Have you got a Stocks & Shares ISA?

    Is buying your first home something youÔÇÖre keen on? If so, a Lifetime ISA might be a good idea

  • stinky-farter

    What are your expenses in order to have 45k in cash accounts?

    Right now You’re only getting the risk free rate of return, which being risk free, is 99% of the time, lower than inflation. So although in those weird times right now you might make a tiny return, you’ll make a loss nearly every single year from now on.

    You need to be exposed to risk to get returns. It’s probably the most important cornerstone of finance.

    (Edit, I guess there is a TINY bit of liquidity risk with the one year saver)

  • headline-pottery

    Your are liable for tax on interest above £1000 (£500 if you are a higher rate taxpayer) so you should move more into ISAs.

  • Purple_Toadflax

    Cash is for spending, short term savings (something you know you will need to purchase in less than 3 years that you could not delay the purchase of), and safety net. Everything else is much better invested.

    You are in a fantastic position and if you invest as much as you can afford to now you will be in a great position in 10-20 years time. Compounding gains go brrrr.

    As you are living at home first I would think about a few things. When do you want to move out? In what, with whom and where do I want to live when I move out? Will I need to buy my own car when I move out? Do I need to do further training or education to further my career? How much money do I need to do the above? How much am I saving a month now and can I meet the goals above with current savings? If not how much do I need from my current savings? Can I delay any of these plans by a year or two if needed?

    You want to put as much in investments as early as possible. Cash should just be for short term savings (less than 3 years) and for a emergency fund. Everything else should be invested.

    The first way you should be “saving” though is through your workplace pension. Make the largest contributions to it you can afford to.

    With your current savings, keep what you think you will need for an emergency fund and any short term savings in the cash ISA (don’t expect those rates for too much longer they will start coming down this year). The rest you want to move into a stocks and shares ISA. If you have ISA allowance left for this year move what you can into now, if not wait up until the 6th. Remember you can have both a cash and a stocks and shares ISA, but the deposit limit has to be shared between them.

    I would highly recommend avoiding buying individual stocks. The easiest and safest way to invest is in funds, especially index tracking funds. An index is just a list of stocks. You might be familiar with a few of them already such as the FTSE 100 (the hundred largest companies in the UK), or the S&P 500 (the largest 500 companies in the USA) or the NASDAQ 100 (a more narrow, tech focused index of American companies). An index fund just matches these indexes, by holding shares in each company in proportion to their market values. It doesn’t matter too much if one company performs poorly as long as the market does well overall. The safest and simplest bet is probably going all in on an all world or global index, as you are then less exposed to one country. The S&P500 has been pretty fantastic recently though and there is a strong argument for just going with that. You want the accumulation funds rather than income.

    There are lots of platforms for self investment, I personally use Hargreaves Lansdown and would recommend. I have a slightly more complicated portfolio, mostly because it interests me. If I wasn’t that interested I’d just stick it all in a global index tracker and forget about it. Instead I have about half in S&P500 and then some more specialist funds for Japan, India and UK, some in bonds and global technology.

    Even with a relatively low risk portfolio you should be getting close to 10% annual gains when averaged out. It wouldn’t take long for your portfolio to double in value.

  • alekksi

    Put £20k into a S&S ISA before April 5th and then put another £20k in on April 6th, invest the whole thing into an S&P 500 fund.

  • Ka-Shunky

    Not related to the OP necaserrily, but are there any alternative ways to grow your money without investing?
    I really don’t want any part in the stock market.

  • Free-Progress-7288

    Nice job OP. Short answer, not much you could do better here without dabbling in S&S

  • Cyborg-Chimp

    What’s your timeframe? I would personally split my savings evenly between cash and S&S ISAs, particularly those that give interest on uninvested cash? If you’re not yet a homeowner using a LISA might be better than another cash ISA. Whether you go index funds or ‘safer’ individual stocks e.g. MSFT with your ISA is up to you and your risk tolerance.

  • xiuxiuejador

    Since you already got your advice, if you don’t mind me asking, how on Earth did you manage to save a whopping ┬ú46,000 at the very young age of 22? I hadn’t even finished university at that age… and now I’m 30, work more hours than a mule, live humbly, and only have 1/4 of what you have.

  • UDDINN4TOR

    Commenting to save the thread!

  • Resident-Matter-3141

    You can save cash in trading 212 for 5.2% rates , if you donÔÇÖt use it urgently

  • ukpf-helper

    Hi /u/SnooDucks8609, based on your post the following pages from our wiki may be relevant:

    * https://ukpersonal.finance/savings/

    ____
    ^(These suggestions are based on keywords, if they missed the mark please report this comment.)

  • ryokan1973

    If you want to guarantee the safety of your savings, you’re doing the right thing. Unfortunately, the decent returns you’re getting right now will diminish next year when the Base rate comes down.

  • ProfessionalRoyal163

    Moneybox LISA. Easy. Done

  • Preach_it_brother

    Depends how old, how much you earn, and what your goals are too.

    If retirement then SIPPs top up your money (give your tax back) and can be drawn at about age 56.

    Index funds (within ISA) once the bank rates come down later this year is an option. Once bank rates go below 4% I reckon

    Edit: congratulations- really good work and discipline saving so much. Saving the initial amount is the hardest. Using that to make more is easier.

  • WealthInMind

    Good job on these savings! I would personally would start learning about investing (stocks, bonds, real estate, small business or etc). I would start looking at all of these and see what interests you the most, because there is no one ÔÇ£rightÔÇØ answer for everyone.

  • karpet_muncher

    BTL is worth it if you’re planning to move into it in the future.

    You’re young and Asian so I assume parents will soon be on your case to be hitched. Having your own place is a good idea if you’re planning to move out after marriage.

    Well done on the graft

  • CantRideABike

    Chiming in to say putting some into Crypto might be worthwhile – especially right now as things are heating up. It’ll crash of course, so timing is everything with it, but I don’t think there’s a better opportunity out there that’ll grow your money substantially. DYOR

  • No-Tea-592

    Not financial advice, but I would invest a large chunk of it into Solana. I believe Solana will replace the financial system because it uses blockchain to represent USD which is more decentralized way than banks and cash does. Merchants can avoid credit card processing processing fees by using Solana. It trending massively at the moment in the crypto world and we are possibly entering a crypto bull market. If the past has taught us anything, people who respect the crypto bull run trends make life changing money. It is a new technology that strives to replace the financial system and getting into now would be like getting into disruptive technologies like Amazon or Spotify in the early days but on a much higher scale.
    In addition to that, you also get a passive 7% yield by staking it so as the price naturally rises against fiat currencies, you’re also getting a 7% on the coin itself.

    With your saving, you could buy about 300 of them. I think it is similar to buying 300 Bitcoin back in 2015 or something. not financial advice, but I would invest 85% into Sol and the rest into its ecosystem coins like Pyth(4%), Jupiter(4%), Nosana(3%), Shadow(2%), SolChat(2%).

    You could hold forever, but I would try to get out before the market gets WHITE HOT and reinvest back in a bear market.

  • Librabee

    Well asking on reddit is a bad idea go to a financial expert and / or a registered accountant