10K redundancy what to do with it?

garethevans1980

I recently been made redundant and am not sure where to put it? I hear ISA's are good but which one? I do have a mortgage of around 50K but not sure whether to pay it off that either? People I know say ISA's but need to know if it is the right thing to do and if so what type confused :huh:

Thanks in advance

Aegis

What interest rate is your mortgage currently charged at? And do you have any emergency cash already set aside somewhere?

There are a few other issues to consider, but those are generally a good starting point.

opinions4u

What rate do you pay on your mortgage?

Do you have any other debts?

Do you have a new job?

What other savings do you have?

garethevans1980

I haven't got any money set aside? But start another job straight after my payout. I think my mortgage rate is currently at 4.5%?

garethevans1980

I have no out standing debts either?

opinions4u

I'd suggest an easy access cash ISA such as The AA paying 3.5% and an easy access savings account from the links at the top of the page.

http://www.theaa.com/savings/access-isa.html

Treat this as a contingency fund for drastic emergencies only (illness, job loss etc).

Perhaps a small treat first ...

garethevans1980

Thanks for your fast response I'll defo have a look thanks!

Perhaps a small treat first ...[/QUOTE]

:beer:

opinions4u

Most decent savings accounts have a bonus. Remember to act before it expires!

Good luck with the new job! Try to add to the savings if you can.