Redundancy payment What shall I do with it!

BOGUSDUDE!

Hi Everyone

My wife has just received £5,000 redundancy payment, she intends to get a few long overdue essentials and then intends to keep as an "emergency fund".

Since weve spent the last couple of years paying off our debts ive never really had a chance to look into savings etc.

Just wandered what you all thought the best option would be?

Thanks in advance

yelf

cash ISA would be first port of call

natman

Hello

A question I would ask is - what is the plan with job / income.
What I mean is, do you have outgoings that you need the money for??

Any how - Yeah a cash ISA is worth considering indeed
EGG savings have brought out an instant access account that is 3.25% interest, which is pretty decent at the present moment.

you could look at tying it up for a bit say
theres AA savings bond 2 year at 4.35%

Personally I would look at do i need the money for bills, do i need another job, do i pay some off the mortgage, do i keep it in teh EGG account and pay bills when needed etc.

Its hard to answer as you have not given your circumstances, but the above is my thoughts. Hope it helps