Some basic advice needed getting started

WimbleStar

Hi all,

I am new to investing and dealing with bank accounts, I have only recently received a lump, before which I've just been living off pay check to pay check.

I basically just want to set up the money in the right accounts, so it can sit there and earn a little interest whilst I take my time researching properly how to invest it in the future.

My bank of choice is Nationwide.

It was all in a current account.

Now I have set up the Flexclusive ISA, and put my maximum allowance in there which I believe is £15,240...This still leaves me with about 50k sitting in my current account, here is where I'm not sure what to do, what are my options?

From my basic research it seems, the best thing to do is set up a regular savings account and put the rest in there....

Does this sound like the best course of action?

Many thanks for any advice.

JohnRo

It sounds like the most sensible option assuming you aren't planning to employ someone to do it for you, that's if you can even find an IFA for that amount at a reasonable cost.

This is probably the most used link to a website for folks asking about setting up multiple savings accounts.
http://www.bankaccountsavings.co.uk/

colsten

The OP seems to be talking about savings, not investing. An IFA wouldn't be interested in savings. But if there is a chance that investments might be of interest, involving an IFA seems a sensible approach.

OP, what are your plans for the money? When do you want to spend it? Have you got an emergency cash fund? Do you have any debt, if so, what are the terms of repayment? What if any dependents do you have? Do you own or rent? What are your pension provisions? What is your tax status?

WimbleStar

Hi thanks for the replies.

I have an emergency fund yes. 27 years old. No debts and no dependents. `I rent right now, but would be looking to buy in roughly 1 year. Currently unemployed, starting a job in the new year with a salary circa 50k.

I guess thinking about it, I want to earn whatever I can out of the lump sum for 1 year or 2, at which point I'd need access to it when I purchase a home.

Eco_Miser

In that case your best bet is multiple current accounts, see http://www.bankaccountsavings.co.uk/ for the best combination, plus feed some from the lowest paying current account into monthly Regular Savers at 6%,5%,4%. http://forums.moneysavingexpert.com/showpost.php?p=6932833&postcount=5