Advice with saving £15k please!

LadyV_2

Hi

I have just been through the savings part of this site, and just wanted to confirm with you guys that I am considering doing the right thing with approximately £15k I am receiving soon. Not loads of money, but still worth looking after!
Both my husband and I are tax payers, so I was intedning to open ISAs for each of us, stash £3600 in each, and put the rest in the highest rate savings account I can find - does that sound about right? Or should I be thinking about income bonds etc.
I don't intend to need the money for at least a year.

Thanks :beer:

evenasus

ISA rates have plummeted in the last week, so you need to shop around for the best rate. I've just transferred one of mine from B&B (dropped to 3%) to a fixed for a year 4.8% with Northern Rock. Easiest option for me.

B & B are doing a good rate fixed for a year at 6.25% but they wouldn't let me transfer my ISA to the fixed rate. :mad: http://www.bradford-bingley.co.uk/savings/product/one-year-fixed-rate-eISA-issue4.asp

One of the best savings around with limited access at the moment is Bank of Scotland http://www.bankofscotlandhalifax.co.uk/savings/BOSinstantaccesssavingsaccountreward.asp?!!!!!HomepageISAReward

Day_Trader

You can put £7200 in an ISA when using Stocks and Shares allowance. Cash rates on savings are going down rapidly so as alluded to you shop around. If you and your partner both use your MAXI ISA allowance that's the money accounted for. If you don't need the money short term but don't want to invest in stocks shares/ corporate bonds then National Savings Index Linked certs will guard your money from inflation plus they are tax free.

natman

HI.
£15,000 is decent sum indeed and should be cared for!
Ok - Yeah Opening 2 ISA'S Is a good start - so thats £7200 saved tax free, leaving you £7800 to save elsewhere.

I agree with the previous post that saving rates are melting like a snowball on a radiator........... I would perhaps look at a fix term account for 12 months or so.

I have just opened a poppy Bond at coventry building society at 6.25% but I know they have pulled this product now.

Some of the next best fix term are -
Bank of scotland - halifax websaver - http://www.bankofscotlandhalifax.co.uk/savings/fixedwebsaver.asp

There are some variable products out there, but suspect that these rates will go down.
So yeah ISA to start with and look at perhaps some fix term accounts.

A few one year accounts are still available paying 6% AER. Kent Reliance BS is at this rate from £100 up, and is operated by post, while Yorkshire Bank and Clydesdale Bank both pay 6% if you put £2,000 in, and are available online, or by post, branch or telephone

Good luck!!! its a savings mess out there!