Where is best to save?

Crap_with_money.com

Evening all!

I was hoping for a little bit of advice on the best place to make some savings.

We've never really saved properly before, however, we have just sold a flat and have £15,000 profit left once we've paid a few things off. We're not intending to buy anywhere until June of next year, so were wondering what's best to do with the money in the meantime?

Also, we're starting to save towards our wedding which is next July, which means we'll have a min of £1200 per month to put away as well - any tips on where's best to put that too? We'd need access to that though in the meantime as and when we have deposits to pay for the various things we're booking!

Thanks in advance

Laura

MoneySaverLog

If you need the money as and when then I would suggest looking at the best rates for instant access savings. If some of it can be tied up over a year, I'd drip feed some of it into the West Brom which pays 4.1% for £250 over 12 months.

Stay away from Santander though - their customer service leaves a lot to be desired.

Crap_with_money.com

Really? I have a CC with them and have always found their CS to be really good! Thanks for the reply though. We will need access to all of the money by July at the latest so a years account is prob not worth it! Thanks anyway

atush

If you pay tax, both of you should open an ISA and put in the max each at best rate. then the rest in instant access. look at pensions for future.

Crap_with_money.com

Thanks, I should've thought of ISA's. We both have pensions already, I'm a teacher n OH's a policeman! We'll look at longer term savings after we're married and have bought a flat. Is it better to take out additional private pensions? Or save any extra cash elsewhere?

atush

If you both have FS pensons, I'd save elsewhere at this point. Always best to have pensions, cahs savings and invetments outside a pension.

After you have 6 months+salary in cash, then I would look at other assets incl equities. I am a fan of investment trusts.

you both will have a S&S ISA and so can agin save over 5K each tax free along sideyour Cash ISAs.