What to do with £20,000

Buzzz

Hi,
Having thought and parked my buy to let and buying a property idea, I have decided that I need to get the £20k I have into an account/s where it is going to make some money.

First option is to open an ISA, the Tesco's one with £5760.

Secondly, from what I can read, a regular saver account? The First Direct one would work well for me as i'm already in there and could put in £300 a month (couldn't get my head round this morning the drip feeding).

Thirdly...what next? Multiple regularl savers accounts?


Once in an account I won't need to withdraw it gererally, although I don't really want to tie the money up longer than a year as I would like to be able to access it in case I had an emergency savings didn't cover.

Any other suggestions?

Buzzz

Got drip feed idea now, just had to re-read it!

100saving

First Direct reg. saver - good move i have one

FlexDirect with nationwide gives 5% up to £2500 it says only on one account but you could open a few and see. some people on here say they get 5% on 5 accounts.

then next would be either the 123 if you have lots of bills for cashback and it pays 3% up if you put above £3000 to max £20k or the Lloyds Vantage 3%

what about the 1 year fixed britannia ISA @ 2.35% better than the Tesco 2.05%

Buzzz

Thanks for your reply, not sure what you mean by..

then next would be either the 123 if you have lots of bills for cashback and it pays 3% up if you put above £3000 to max £20k or the Lloyds Vantage 3%

Are you saying to do my 123 options again? If so, I can only get 1 ISA at the mo, do you mean look for more regular savings?

100saving

sorry meant to say the santander 123 Current Account. if you do this sign up via Quidco or TopCashBack for the £70 cash back.

psychic_teabag

I think you only got quidco cashback if you switch your account to 123, rather than just opening one.

Buzzz

Ok thank you

100saving

psychic_teabag wrote: »

I think you only got quidco cashback if you switch your account to 123, rather than just opening one.

this is true but your better off switching the DD's get the money then if you don't want the cash back on bills just switch them back yourself after you get the money (about 2 months). or just setup 2 DD for 1 pound say for your lottery or to a charity.

atush

Is 20K more than 3-6 months outgoings?

If so, that should cover emergencies. Then look to use your S&S isa allowance and drip feed into that with future savings to get a better return.