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where to put £35,000

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where should I put £35,000 saving .I need to start to use some off this money ( £150 a week ) so it will be decreasing .I need the best interest rate I can get .
"Do not regret growing older, it's a privilege denied to many"

Comments

  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Are you employed? Do you pay tax? Do you have debts?

    I would keep 2K in easy access for this years needs, and put 15K in an NSI ilsc which can be acessed after 1 year (but us a 5 year acct). put another 5K in a one year fixed rate bond, and the rest into longer term savings. Put cash savings in via an ISA if you pay tax. If some or any of it can be invested, I would drip feed soem into the market each mont either by ISA or inv trust savings plan. Top up a pension if you have one, consider opening one if you don't (and are employed and a tax payer).

    As a side note, whatever your situation, you should pay off all unsecured debt first, and any secured debt that isn't a mtg second. Then use the savings plan a bove or one of your own.
  • Old_Git
    Old_Git Posts: 4,751 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
    no debts ,but cant tie the money for more that 1 year .life expectancy 1-3 years .
    The 150 per week will be needed for additional housing costs . This may rise if a care home is needed .
    Also have £800 per month benefits .
    "Do not regret growing older, it's a privilege denied to many"
  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 23 July 2011 at 12:00PM
    Do you have dependants? Make a will now, as if you don't your money will be eaten up in charges by executors and research into possible beneficiaries. and may even go to the govt if you have no heirs. If yo make a will you can leave your money to those unrelated to you by blood, or even a charoty but if you don't it may go where you don't want it to.


    My above plan would still work for you in your circumstances aif you cange the first easy acess to 8K ( I calcutaed on 150/month not week) and make the one year bond for 15 K. the 15k that will mature in one year's time will be able to pay the next 2 years 150wk.

    In the meantime, the remaining 12K in the NSI cert will appreciate more than other savings accts inlc the one year bond as it pays inflation +. And as it can be acessed after one yer, it won't matter how long you leave it. And it will help you keep up with rising costs should you survive longer than has been indicated. you would need 23,400 for 3 years spending at 150/wk.
  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    the very last person who should take the above advice is someone in poor health with a limited life expectancy.

    With 35K and only 24K needed to fund the next 3 years spending at 150/wk, I would leave the rest to accumulate in the NSI acctto fund any extra years you live beyond what has been predicted for you. The 35K you have now will last 4.5 years w/o taking any interest into acct.
  • le_loup
    le_loup Posts: 4,047 Forumite
    When the future is uncertain then daily trading is the best source of good profits.
    What a pr*t!
  • talexuser
    talexuser Posts: 3,530 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    le_loup wrote: »
    What a pr*t!

    you can say that again!
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