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Redundancy savings
pickandmix
Posts: 4 Newbie
I have recently been made redundant.
I've been paid £16,000.
I want to save some and also open a new account where I can save most of it but also pay myself £1000 monthly for 6 months so I can budget & don't spend it all at once.
Any advice about the best course of action would be really helpful.
I've been paid £16,000.
I want to save some and also open a new account where I can save most of it but also pay myself £1000 monthly for 6 months so I can budget & don't spend it all at once.
Any advice about the best course of action would be really helpful.
0
Comments
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High interest instant access account. Try Kaupthing Edge, for 6.55% AER. It takes 2-3 days to transfer money from the KE account to your linked current account, which can be with any provider. Has a rate guarantee to 2012, so it should be good for some time yet.
Also, if you haven't used your ISA allowance, you could put £3600 straight into a cash ISA, which would maximise your interest, as it would be tax free. However, if you withdrew any money from this, you could not redeposit it again until next April. So the best plan would be to pay yourself from the KE account.Target Cash Net Worth: £25K by January 2012
Progress May-08 19.0%; May-09 40.0%; May-10 63.0%; May-11 58.4%; Jun-11 58.5%; Jul-11 58.9%; Aug-11 58.7%; Sep-11 59.0%
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Thanks for that.:T
Was undecided about an Issa so thats v helpful.
I'm new to all this savings stuff so a little nervous about getting it right.0
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