Best place to stash some cash

regenold1300

I've recently sold my home due to having a job that provides accomadation, it had reached its ceiling value wise so I decided to sell. I now have £20k, I'd like to put it away and maybe add to it with surplus wages and keep it incase I want to put it down as a deposit on another house.

I'm not great at keeping hold of money, so I'd like to not be able to get to it too easily, that's slightly more important than gaining interest but obviously interest is a bonus.

So where's the best place to put my money? I want little to no risk.

Thanks in advance. :-)

Consumerist

Much depends on how soon you are likely to want to access the funds.

You could consider a fixed-rate cash ISA for up to £5,640. You could open another ISA from 6 April for a further £5,760 (I think).

As for the rest, any fixed-rate savings account, would make it difficult to access your cash for a year or more (unless you pay a penalty) if that's what you want. A notice account would be similar for shorter periods.

The drawback with fixed-term accounts is that you cannot normally add to them for more than a short period after they're opened but you can normally add to notice accounts.

sabretoothtigger

Inflation linked deposit, couple places do them I think. They tend to be longer term and would be messy to pull out on a whim

roxannafy48

this tickled me once :-)

https://www.rplan.co.uk/post/1318/a-safe-place

Hope it helps ;-)

maryjanell79

Since you can save up to £11,280 for this tax year I would personally split it between a cash ISA and a low risk stocks and shares ISA and then keep the rest in a separate savings account.

Be careful not to get caught out by high fees though, check provider charges before investing.