On the scrap heap!

RabbitRabbit_2

I have just received my redundancy cheque! Not being very 'financially aware' I will need, I think, to consult an IFA at some point, as I have also applied for early retirement.

My immediate point is, however, where would forum members suggest putting my £25000 so as it can start working for me straight away until I sort my finances out.

al_yrpal

Stick 3 grand in a cash ISA, and the rest in a decent savings bank https://www.moneyfacts.co.uk can suggest where. Then in April stick another 3 grand in a new ISA. If the Mrs hasnt got ISA's do it for her too, then you'll have 12 grand earning interest tax free. Nationwide Flex account and linked e-savings is pretty convenient, and Kent Reliance Buiding Society pay consistent high rates on ISA's with no catches.

Good luck with the redundancy.

magentadreamer

As the other poster suggested stick as much as you can into an ISA account in your name and your OH's. A&L do a decent ISA rate at 5.2% plus they have a good instant access savings account currently paying out 5.1%. All of these are instant access, should you need to get at the money quickly. Once things are sorted out and if you've got more than the ISA limit saved then you could think about doing a regular saver - B&B have one at the moment at 10% - not too sure of the paying in details etc but that might provide a bit more interest on your savings. Also remember to register savings as a non tax payer as well since your not working.

Chadsman

Pay off any unsecured debts you have before anything elase eg: credit cards, loans HP etc (checking for early redemption penalties), then pay off your mortgage if you have one.
Depending on how long you have to retirement you may care to look into putting some in a personal pension: for every £1 you put in the govt puts in 28p. Lovely :T :j :beer:

Cagey

I would put £7000 in a monthly High Income ISA for myself & partner if you don`t already have an ISA and the same again in april.There are also a few good ideas in previous threads ie Pension & high interst savings accounts.

RabbitRabbit_2

I can't thank you all enough for your patience and time given to reply to what is probably a very elementary question - it's such a jungle for an old beginner! At least I can now narrow my options. Once again, many many thanks.

dchurch24

Depending on how long you have to retirement you may care to look into putting some in a personal pension: for every £1 you put in the govt puts in 28p. Lovely

Wow - is that any private pention? I had a works pention at a place I used to work at, I have now left that emplyer, and have received a letter from the pention firm asking me if I would like to continue to pay into it - would this qualify for the 28p per pound thing?