Windfall - What's the best way to save it?

rkdenney

My boyfriend and I have recently received a windfall of £6,000 and would like to save it, but we're not sure where. Obviously, we would like to make as much interest as possible. I know that Mini Isas are a good bet, but I already have one going, so we could only put £3000 in one in my boyfriend's name. What should we do with the other £3000? Or should we put the total into something else?



Any advice would be greatly appreciated!

Rebecca

grumbler

rkdenney wrote:

...I know that Mini Isas are a good bet, but I already have one going,

What do you mean 'going'? Do you mean that you saved £3000 during this financial year?

so we could only put £3000 in one in my boyfriend's name. What should we do with the other £3000?

If you did use one of your two yearly allowances, wait untill 5 April and you can add another 2x£3000.

rkdenney

Hello grumbler

Yes, I mean I have saved £3000 into a mini Isa this financial year already.

We could wait til April and put the £6000 into 2 new mini Isas, but I save £3000 yearly anyway so in effect we would still have £3000 unallocated. I suppose he could put £3000 into one now and £3000 into another one after April, couldn't he?

Thanks,

Rebecca

grumbler

rkdenney wrote:

...I suppose he could put £3000 into one now and £3000 into another one after April, couldn't he?...

Absolutely
He can either open another ISA in April or add £3000 to the existing one, or transfer the existing ISA to other provider and add £3000 ...