New job, what should I do to maximise my savings?

Thompo17

Right I've got an ISA account and a standard hole in the wall acount.
There is approx £15,000 in my ISA (4.75interest i think).
and a hundred pound or so in my standard current account (very poor interest)

However i'm about to start a new job and I intend to save a lot of the money

I should be able to quickly add another £3000 in the new tax to the isa to take up my years amount. So what should i do with the remainder of my money as i think it would be a waste in the low interest hole in the wall account. i'm going to ask in my bank for their advice next week, was wondering if I could gather any tips on here first.

Kilty_2

Put the new £3000 into a better ISA, NS&I pay 5.80%.

Sort out transferring your £15,000 to another ISA provider to get a better rate (someone else can tell you where to get that, I'm not sure but I think you can get about 5.7% from some providers that accept transfers)

What bank is your Current Account with? Some banks provide online savings accounts that pay fair interest rates and you can transfer money between your current account and savings instantly, online

jamesd

With 15,000 in a cash ISA you can get 5.93% from Ruffler Bank. That'll make you an extra 177 a year in interest on 15,000.

Stocks and shares ISA is one way to go with the rest. You can select a range of investments which match your desired risk level, with higher risk seeingmore year on year variation but also probably delivering higher growth over the long term.

You could also use regular saver accounts.

torbrex

You should ditch your hole in wall account for something that pays a better rate, I have mine at BOS/Halifax that gives me 6.1% on balances up to £2500.
Once you have used up your ISA allowance take a look at the various regular savers that are available. (check Martins article)

Good luck in your new job!