£70k where to put it?

angrysharks

Thanks, planteria. I'd discounted the Santander account thinking they wouldn't accept me but I've made a note in my diary to have a chat with them about opening an account later this week. Thanks!

planteria

i think the broad point is that cash sat in a savings account is not the best use of retirement funds, if the scope to remain invested is 'long enough'.

i would just view Premium Bonds as an alternative to cash. ie. safe. but, on average, still going to be low return. but, at the same time, a bit of fun.

S&S ISA and Pension but be where i would focus your attention once you have sorted a good deal for current account and savings.

planteria

not sure how you arrange your finances, but it may be that you want one S123 for you 'Personal' account and another for your 'Business' account...but you wouldnt necessarily want to tell them that the latter is for business use. once open, they will be very unlikely to care.

planteria

just a thought, but if you dont use one already, you might want to start to use a credit card for your personal/business spending. that way you can generate cashback/points and leave your money in your account(s) a little bit longer, earning interest, too.

ColdIron

samsmoot wrote: »

Premium Bonds are worth considering for some of the cash. Physical silver bullion such as Canadian Maples isn't too bad a price at the moment and has potential for long term gains, to say nothing of it being of 'real' value. I'd definitely consider a few grand investment in silver right now.

If I had to pick two places not to put my money Premium Bonds and silver would be close to the top of my list

Unless you are a higher rate tax payer and fancy a gamble the return on PBs is very poor indeed. Your £30,000 is no safer in PBs than in a high street bank

Silver is speculation pure and simple

angrysharks

Premium Bonds look a great choice for me and it looks like there's no cancellation fee when you want to sell some Bonds to access the cash.

I'm going to start checking S&S ISAs too as and look at it as 10 year minimum investment. I guess I need to check the performance of different S&S ISAs next but I'm sure there's more excellent advice on this site.

I'm feeling much more confident now on savings and investments and will get that money working for me again soon. Thanks!

planteria

& i bought a little bit of silver recently, but im not sure you are really at the stage of wanting to invest in physical investments, unless that really interests you.

angrysharks

True, physical investments may have to come later when I'm more on top of things. But definitely worth knowing about. Thanks again.

xylophone

If you save for your daughter in her name and outside tax privileged schemes like CTF/JISA, be careful of the £100 rule.
http://www.hmrc.gov.uk/individuals/savings-income.htm
"Please note that if you are a UK Resident individual you cannot arrange to have interest paid gross for AIFs, this includes the interest paid to children. However, where appropriate parents or guardians can claim tax back on the child’s behalf.

Children, like adults, can have a certain amount of income before they start paying tax. They are entitled to the same personal allowance as other people.

Children under 16 in Scotland or under 18 in England, Wales and Northern Ireland cannot apply personally to get their tax back; a parent, guardian or trustee must do it for them.



There are special rules if the savings (including units in unit trusts and shares in open-ended investment companies) have been given by a parent. If gifts from a parent produce more than £100 gross income a year, the whole of the income from the gifts is normally taxed as that parent’s income. A child cannot get back any tax on that income. Nor can interest paying accounts be registered to have interest paid without tax taken off."

angrysharks

Excellent advice, thank you. I'm still considering the Skipton Children's Bond to lock away £10k for my daughter but I'll talk to them about the £100 rule before opening the account to make sure I do everything correctly. Really good advice, thank you.