Savings Location

Zippeh

I have ~£26k in a cash ISA which is maturing next month. I would like to keep £15000 of this somewhere "accessible" as this would be my emergency (it equates to 6mths pay). As for the other £10k, I will be putting this into a S&S isa. My other savings are all in the usual current accounts available.

I don't really want to remove my money from the ISA wrapper.

Any ideas other than just looking that the current list of best cash ISAs? Just wondering if I'm missing another option!

Zippeh

Cheeky bump.

jimjames

If you don't want to remove from ISA then you don't have much choice.

If you want a better return then check the forum for current accounts.

bowlhead99

If you don't want to take it out of an ISA wrapper and you don't want an S&S ISA because its purpose is an emergency fund, then that leaves cash ISA. Those are the only types of ISA there are!

You have been here long enough to have seen people talking about how you can get 3% risk free for instant access on a Santander current account up to £20k or even higher rates on a combination of 3,4,5% in other current accounts which each have lower limits. If you're already using all those accounts to their max, you are probably looking at getting a percent or so whether inside or outside an ISA.

A thought is that if you have maxed all the current accounts to a level which provides you a decent emergency fund, perhaps this £15k is not strictly for emergencies. As such, maybe you can put it in a term deposit for 1yr+. With rates as low as they are, an interest penalty to pull the cash out of a fixed deposit early is not necessarily a lot of pounds, especially if it is actually a genuine emergency. So if you consider doing a lock up like that, look for one that can be broken with a penalty clause rather than one that can't be accessed at all.

An advantage of cash ISAs is you can ALWAYS access them by transferring to an instant access cash ISA, if you're willing to pay a penalty. In a real emergency, I'm sure you'd be happy to pay.