Best place to save £2500 per month

mrklunk

Hi,

I now have £2500 p.m. coming in from a commercial property rental that I don't have any immediate need for and I don't know where is best to save it? I've already got a Santander 123 account with £20K in it and they don't pay interest after that amount?

I may need to access the funds once or twice a year (tax bill or emergency) so can't lock it away for 5 years?

Any suggestions? My goal would be to accumulate as much cash as possible for my retirement in 6 years.

Any help appreciated.

Thanks

colsten

You can put at least £1,400 a month into 4-6% Regular Savings accounts although most of these require your money to be locked up for 12 months.

There are also other 3,4,5% current accounts that will take around £30K between them, and they will give you instant access but may be at the expense of a lower interest rate.

Lots and lots and lots of information about all of the above on the forum.

EDIT. You posted this on the tax free savings board. You may or may not be entitled to tax free interest. It depends on your total taxable income.

mrklunk

Thank Colsten. I did indeed post in the wrong place - apologies, first day. Will take a better look round.