£5000 in savings what now?

Walrus

Hi,

I've got £5k in savings for our wedding in August, I'm currently paying £200 pm into the savings.

The promo interest rate of 3% drops off in Feb so I'm looking at moving.

It needs to be an account I can get access as we're going to need to start paying things soon.

Any ideas whether an ISA or normal savings will be better?

atush

There are the current top buys at the top of the page.

I see this money is for a wedding. Do you have other savings? Such as for emergencies? House? Investments? Pensions?

I personally think, if that is all the money you have I'd look to get married on your 'honeymoon' somewhere fabulous and save on costs. Have a hog roast knees up on your return. Keep the rest of the savings for a house, and start pensions. Weddings are over quickly and I think the money is mostly wasted.

xylophone

If you are a taxpayer you might as well use ISA?

Walrus

atush wrote: »

There are the current top buys at the top of the page.

I see this money is for a wedding. Do you have other savings? Such as for emergencies? House? Investments? Pensions?

I personally think, if that is all the money you have I'd look to get married on your 'honeymoon' somewhere fabulous and save on costs. Have a hog roast knees up on your return. Keep the rest of the savings for a house, and start pensions. Weddings are over quickly and I think the money is mostly wasted.

This is just my part of the wedding savings. Mrs has similar. We both pay large amounts into teacher and police pensions so don't want to put any more into that!! Already have a house and a flat each so don't need any more house savings.

Or were you assuming we were young and just starting out ;-)

innovate

You can get 3% atm in instant access (current accounts) at Santander 123, Lloyds Vantage and BoS Vantage. All have some requirements but they are not too onerous to fulfill. There's also still £45 on offer from Quidco for opening a Santander 123.

atush

Walrus wrote: »

This is just my part of the wedding savings. Mrs has similar. We both pay large amounts into teacher and police pensions so don't want to put any more into that!! Already have a house and a flat each so don't need any more house savings.

Or were you assuming we were young and just starting out ;-)

Yes, I was assuming you were young and starting out lol!

Anyway, you still need an emergency fund so save more than you need for your wedding. I wish I'd spent less (and I didn't spend big ;-)

I'd both of you use Isas, and regular savers (if the wedding is more than 12 months away). If less than 12 months, the ones above sound your best bet.