Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • MrsSave
    • By MrsSave 1st Oct 17, 2:12 PM
    • 1,199Posts
    • 3,888Thanks
    MrsSave
    Best place to save £5k
    • #1
    • 1st Oct 17, 2:12 PM
    Best place to save £5k 1st Oct 17 at 2:12 PM
    In the next few weeks I'll have £5k that I want to put away for long term savings. Will also have a little extra that I'll be putting in an easy access savings account for more general (new kitchen, bathroom, etc for example) savings.

    I'm just after some advice of where is best to put it!! I know in the grand scheme of things it's isn't a massive amount. I will want to be adding to it as time goes on, but won't be a regular amount initially. It doesn't need to be easy access.

    Thank you.
    YNAB - one of my favourite money saving tools
    Check out my debt free diary 'Mrs S, family life and debt' below:
Page 1
    • jimjames
    • By jimjames 1st Oct 17, 2:28 PM
    • 12,104 Posts
    • 10,558 Thanks
    jimjames
    • #2
    • 1st Oct 17, 2:28 PM
    • #2
    • 1st Oct 17, 2:28 PM
    If you don't need access and have sufficient cash savings then S&S ISA might be an option.

    But based on your sig, are there debts to clear first?
    Remember the saying: if it looks too good to be true it almost certainly is.
    • mt99
    • By mt99 1st Oct 17, 2:47 PM
    • 399 Posts
    • 178 Thanks
    mt99
    • #3
    • 1st Oct 17, 2:47 PM
    • #3
    • 1st Oct 17, 2:47 PM
    If you want security and want to avoid the stock market the Atom Bank, Metro Bank, Charter Savings bank and Paragon bank are prob worth considering for eg 1 or 2 year accounts.

    However, if you have debts that it would be even better to pay those off (or partly off) using the money.
    • MrsSave
    • By MrsSave 1st Oct 17, 3:42 PM
    • 1,199 Posts
    • 3,888 Thanks
    MrsSave
    • #4
    • 1st Oct 17, 3:42 PM
    • #4
    • 1st Oct 17, 3:42 PM
    Thank you both, an ISA is one of the options I thought of. I'll take a look at the other options. After clearing the debts I'll have this money left over.
    YNAB - one of my favourite money saving tools
    Check out my debt free diary 'Mrs S, family life and debt' below:
    • Alexland
    • By Alexland 1st Oct 17, 7:41 PM
    • 451 Posts
    • 267 Thanks
    Alexland
    • #5
    • 1st Oct 17, 7:41 PM
    • #5
    • 1st Oct 17, 7:41 PM
    Or maybe for the first year 2.5k in a Nationwide FlexDirect account with 250 per month in the associated regular saver. Worth keeping at least £5k in a rainy day cash fund before considering investing in shares.
    • KonkyWonky
    • By KonkyWonky 1st Oct 17, 8:43 PM
    • 620 Posts
    • 246 Thanks
    KonkyWonky
    • #6
    • 1st Oct 17, 8:43 PM
    • #6
    • 1st Oct 17, 8:43 PM
    You're best bet is probably Nationwide Flexdirect @ 5% on up to £2500 and then a Tesco Bank @3% on up to £3000.

    If you go to the cinema regularly then Club Lloyds might be worth a look @ 2% on up to £5000 and includes 6 free cinema tickets per annum.
    • YorkshireBoy
    • By YorkshireBoy 1st Oct 17, 9:14 PM
    • 29,447 Posts
    • 17,230 Thanks
    YorkshireBoy
    • #7
    • 1st Oct 17, 9:14 PM
    • #7
    • 1st Oct 17, 9:14 PM
    In your diary thread linked you make mention of "we" and "our", so the answer is a very simple one...2 FlexDirect current accounts will take the whole £5K (one each, or one sole in your name plus a joint).


    Starting one 5% regular saver at the same time will mean even the interest makes interest!
    • enthusiasticsaver
    • By enthusiasticsaver 1st Oct 17, 9:35 PM
    • 4,439 Posts
    • 8,253 Thanks
    enthusiasticsaver
    • #8
    • 1st Oct 17, 9:35 PM
    • #8
    • 1st Oct 17, 9:35 PM
    If you have an emergency fund and are looking to invest long term I would agree that stocks and shares isas would be something to explore.
    Countdown to early retirement on 21.12.17 2 months to go.
    • IanSt
    • By IanSt 2nd Oct 17, 10:22 AM
    • 80 Posts
    • 44 Thanks
    IanSt
    • #9
    • 2nd Oct 17, 10:22 AM
    • #9
    • 2nd Oct 17, 10:22 AM
    If you have an emergency fund and are looking to invest long term I would agree that stocks and shares isas would be something to explore.
    Originally posted by enthusiasticsaver
    Definitely agree with this - but OP make sure that it really is long term that you are talking about, ie at least 10 years.

    A 10 year investing timeframe will give you a very good chance of getting a return that is much better than you would get from normal cash savings accounts, but any less than this will increase the possibility that you may get back less than you put in.

    However if you will just have the £5000 then I personally would stick to the higher interest accounts such as Nationwide, TSB, Lloyds etc and keep away from stocks and shares apart from any pension contributions that you are making.
    • alanq
    • By alanq 2nd Oct 17, 11:50 AM
    • 3,788 Posts
    • 2,429 Thanks
    alanq
    the Atom Bank, Metro Bank, Charter Savings bank and Paragon bank are prob worth considering for eg 1 or 2 year accounts.
    Originally posted by mt99
    You had me interested when you mentioned Metrobank as I had recently withdrawn the proceeds of 3 matured 18-month accounts as there was nothing attractive on offer. I saw that MSE showed Metro best for 1-year fix. However, when I went to open an account I discovered that the 1-year rate was back to 1.2%.

    In the time it took me to make this discovery the MSE best rates page had been amended.
    I'm a Board Guide on the Budgeting and Bank Accounts, Savings & Investments, Food Shopping and Over 50s MoneySaving boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • Alexland
    • By Alexland 2nd Oct 17, 7:08 PM
    • 451 Posts
    • 267 Thanks
    Alexland
    Teaser rates for very limited subscription accounts are cheaper than advertising and they rely on the delay in the best buy tables being updated to lure in customers of which a proportion might take out a worse account.
    • MrsSave
    • By MrsSave 2nd Oct 17, 10:52 PM
    • 1,199 Posts
    • 3,888 Thanks
    MrsSave
    Thank you for all your information. The Nationwide sounds great, and having one account for me and one for my partner sounds even better! I'm going to research all these ideas, though I'm not sure I'm brave/knowledgable enough to look in to stocks and shares. I'd also be worried about making a wrong move, and to lose money.
    YNAB - one of my favourite money saving tools
    Check out my debt free diary 'Mrs S, family life and debt' below:
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

336Posts Today

3,299Users online

Martin's Twitter
  • RT @LordsEconCom: On Tuesday Martin Lewis, Hannah Morrish & Shakira Martin gave evidence to the Cttee. Read the full transcript here: https?

  • Ta ta for now. Half term's starting, so I'm exchanging my MoneySavingExpert hat for one that says Daddy in big letters. See you in a week.

  • RT @thismorning: Can @MartinSLewis' deals save YOU cash? ???? https://t.co/igbHCwzeiN

  • Follow Martin