Need help with where to put savings

Pimpernel665

Hello there, I have recently been left some money from a relative and haven't a clue where to save it. Could anyone give me some advice please? I currently have 10k.

Thanks in advance!

Stubod

You need to decide how long you are prepared to save it for.
Assuming you do not want instant access you would do best to check out "moneysupermarket.com". Thye lsi all the best savings accounts by type, and rate.

You should be able to get over 3% for anything over 2+ years, or around the late 2% for the best instant access.

If you are prepared to "manage" the money regularly, one of the best rates, and instant access is Lloyds current account (Vantage). As long as you maintan £7,000, and put in £1,000 per month, they are paying 4%.
(NB each month you would need to take out £1,000, and then put it bac in again to qualify....both me and my wife have one of these...a bit of hassle to maintain, but allowes you to "save" £14,000 with 4% interest..and instant access if you need it!

Stu

Lower_North

Stubod has rightly talked about access. You need to consider how much of the money you want instant access and how much you are willing to tie up for a few years.

Then you need to consider Risk. Are you willing to be more risky with some of the money and are you are willing to tie some of it up for say five years you msy wish to consider Stocks and Shares ISA.

Pimpernel665

Stubod wrote: »

If you are prepared to "manage" the money regularly, one of the best rates, and instant access is Lloyds current account (Vantage). As long as you maintan £7,000, and put in £1,000 per month, they are paying 4%.
(NB each month you would need to take out £1,000, and then put it bac in again to qualify....both me and my wife have one of these...a bit of hassle to maintain, but allowes you to "save" £14,000 with 4% interest..and instant access if you need it!

Stu

Wow that's some messing about! Interesting though! Thank you very much for the advice. I am looking to put up to 30k in a fixed rate if i can. How does it work for amounts over 10k then?

Pimpernel665

Lower_North wrote: »

Stubod has rightly talked about access. You need to consider how much of the money you want instant access and how much you are willing to tie up for a few years.

Then you need to consider Risk. Are you willing to be more risky with some of the money and are you are willing to tie some of it up for say five years you msy wish to consider Stocks and Shares ISA.

Thanks for your advice. I am willing to tie it up for around 5 years at least.
I am so nervous about gambling with money I just can't bring myself to do it after having been in debt before!

Eco_Miser

Pimpernel665 wrote: »

Wow that's some messing about! Interesting though! Thank you very much for the advice. I am looking to put up to 30k in a fixed rate if i can. How does it work for amounts over 10k then?

You are allowed up to three Lloyds Vantage accounts, with between £5000 and £7000 in each to get the 4%, so that's up to £21000. The £1000 you just run round the accounts each month, 5 minutes on Internet Banking (lots of threads on here about it)

Pimpernel665

That's great Eco Miser, thanks for that I will look into it!