Saving/Investing 100k

Sirlancelot_2

Hi,

Im 31 and I'll be recieving aprox 100k very shortly.

I'm looking for advice on savings and potential earnings.

I dont need any access to 50k in the next 2/3 years.

The other money has to be flexible.

I earn about 25k/28k a year in IT currently and I have a private pension with T-Mobile which has been paid into for the last 11 years.( i no longer work for them - so I'm transfering this out)

I'm not looking for risk really , just ISA and fixed savings. I may invest into some stock ISA's.

Any advice on this would be great.

I'd also be interested in the tax on any savings accounts. Inflation is at 3.1% currently and interest rates seem to be similar. So would it be fair to say with current interest rates I'll not see a great growth on my money?

With regards to tax , the tax is only applied to the additional interest earned on these accounts , or is it applied to the lump sum in the savings account as well?

I'm a complete novice to all this...as you can tell.

Regards

xrjtg

Tax is only paid on interest earned, but as you've spotted this does mean you'll struggle to keep up with inflation.

As a rough guide, £3000 a year after tax would be quite good going at current rates if you stick to saving.