What to do with Savings?

Options
I am in a bit of a predicament, I will give you a quick background of my situation - Got made Redundant after 12 Years working lots of hours saving and saving before trying to get on property market. Redundancy package and Shares/Matching scheme I have paid into for 10 years from company become available to cash in tax free due to redundancy.

With My redundancy package I have split it over 2 ISA packages - Help to Buy and Cash ISA. I have put in the maximum limit leaving the remaining payments towards Help to Buy throughout the year.
I also have the Santander 123 Account that has the maximum amount.
I have also opened a regular Savings at 5% with a maximum of £500 each month.

I don't have a mortgage yet to make payments, no debts really apart from usual car payments. I need to find new job before I try and get on the property market with my partner.

The question is what to do with the shares when I cash them? Approx £17000 worth. I don't want the cash locked away as when I find a job it will be used towards deposit/mortgage.

Should I just open another easy access savings account? If so, which one?

Comments

  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Name Dropper First Post First Anniversary
    Options
    Most profitable thing is to open a sequence of high interest current accounts and then cross fund them, some will need direct debits which there are suggestions for around the forum.

    Most of these also have regular savers which can be opened at the same time, typical order might be TSB, nationwide, lloyds, tesco and bank of scotland, they will easily take the sums you are talking about, and by definition are instant access.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.8K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 609.1K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards