Advice needed on best savings route for £58,000

bigfreddiel

I would open three Santander 123 accounts to get 3% on £60k

Meeting the dd and income requirements is simple so just do it

Of course if you are higher tax rate payers I would opt for an equity isa each, that would also take care of £60k

Cheers fj

grace2much

Just be clear there are 2 of us, me and my better half wifey...:D

I really appreciate all your help guys and have lots to think about over the weekend.

Interesting point about the cash isa with today's rates not being as good as accounts like santander 123.

kidmugsy

grace2much wrote: »

So say I close my 2 isa's that are worth 11,291 and move them into another better isa can we still open 2 new isa's x 15000 this year as well?

Don't, whatever you do, close them. You complete forms for the new provider and let them deal with everything. If you close the ISAs yourself you'll have removed the money from a tax shelter.

P.S. What do you do for income? You are 55, so your pension can be drawn down from if you wish. Even if you have no earnings you can put £2880 p.a. into a pension each year: the provider claims the tax rebate for you which makes the sum up to £3600. You can draw that money out again whenever you wish after 5/4/2015.