One-off payment

newuserAug2010

I have recently received a one-off £10k payment - how can I save this? I already have a cash ISA for this year.

Any help would be appreciated please.

Primrose

Presumably you have no debts which you wish to pay off on which the interest rate is higher than current savings rates? If that is not the case, reducing your debt would be a sensible option.
If you have no debts, you may want to look at a one year fixed rate bond as you may be able to find one that is paying a better interest rate than any instant access account. By the time this has matured, you should be able to use up your next year's Cash ISA allowance, and if you are thinking of saving/investing money for the longer termm i.e. longer than five years, the other part of the matured amount could be invested in a equities ISA. The market is not good for savers at the moment as there are no tax free National Savings products available. Nobody knows when interest rates on savings accounts are like to rise - probably not in the short term, so locking in for longer than 1 year is like looking into a very cloudy crystal ball.