£12000 lump sum windfall,what should I do?

jgfirehorse

Hello,my wife has received a £12000 lumpsum windfall and is looking at the Halifax's ISA saving schemes in mine,my wife's and our son's names.

Can anybody advise alternative saving schemes that are safe but offer good value?

All advice welcome and appreciated

Thanks

John

badger09

jgfirehorse wrote: »

Hello,my wife has received a £12000 lumpsum windfall and is looking at the Halifax's ISA saving schemes in mine,my wife's and our son's names.

Can anybody advise alternative saving schemes that are safe but offer good value?

All advice welcome and appreciated

Thanks

John

Have a look at the links at the top of the page for other ISAs.

You do realise that any money put into accounts in your, your wife's & your son's names is legally yours, your wife's and your son's?

Do you have other savings? Do you have debts? You might also look at Regular Savers - especially if any of you are non taxpayers.

jgfirehorse

Thanks,we have about £18k to pay over 5yrs on our mortgage and very little in savings,we both pay tax.
I think my wife wants to lock her windfall and is looking at using ISA's in all our names to achieve this,before she does I wanted to get an idea on what other people would choose in a similar situation.Thanks again for help/ideas.John

kidmugsy

With "very little in savings" your scheme sounds good to me. Two questions: (i) How old is your son? (ii) Is yours the sort of mortgage where if you overpay you can borrow the money back again if you want to later on?

(i) relates to special savings schemes for nippers. (ii) implies that if you do have such a mortgage, and if your interest rate is high enough, that might be a better deal than opening ISAs.