Advice for a new saver

vianna

I've just discovered I go accepted for severance at my job, I'll be getting a considerable amount of money and at 25 it'll be the most I've had in one go. I have a head on my shoulders however and know the best thing to do is take a chunk of it and put it somewhere to collect interest and build for the future. I wanted to put away £4,000 but I've looked into ISA's and the maximum I can put in there is £3,000. I was wondering should I put the 3 grand in an ISA and wait until April then put a futher grand, or is there a better way of making my money work for me?

Any advice would be appreciated as I am a bit lost with large amounts of money.

V

hostie

I am in a similar position so I am waiting for someone in the know to answer you! I have just put £3000 into an ISA and have a bit more. I don't quite know where to put it until April. I was looking for somewhere with a good interest rate but I do like to choose the ethical banks so I might just go along those lines.

SeanW

Put the £1000 into a high paying interest account, such as Icesave at 5.2% gross, then move it to your ISA in April to get the tax free benefit.

ethical banks

:eek: