UPDATE: Being redundant, have £20k to invest. Please advise.

lee8040

30k redundacy money, what do/did you do for a job?

id never get anywhere near that amount

mrsw

lee8040 wrote: »

30k redundacy money, what do/did you do for a job?

id never get anywhere near that amount

I don't know what OP does, but I know many people in the IT industry who get redundancy packages of £30K+.

Soprano

lee8040 wrote: »

30k redundacy money, what do/did you do for a job?

id never get anywhere near that amount

Civil service. 9 years. Voluntary redundancy on compulsory terms.:D

I think I'll ISA £3k and Nationwide or Halifax the rest.

lee8040

Soprano wrote: »

Civil service. 9 years. Voluntary redundancy on compulsory terms.:D

I think I'll ISA £3k and Nationwide or Halifax the rest.

thats good, can i ask what your salary was?

reason i ask is what i earn etc according to our staff handbook i wouldnt get anywhere near 30k not even over 10k and ive been here for 8 years

Soprano

Low £20k's. It was so high because I am 35. Below 35 and it would have fallen dramatically. Its been a while I was glad for being 35 I can tell you! Also take into account it was on 'compulsory' terms so that bumped it up.

missile

Soprano, You did very well that is an excellent severence deal. No doubt you will have an index linked pension too? Don't tell me your new job is a secret shopper or I will be really envious.

Soprano

Okay, I'm just looking for any last tips or advice???

TIA

Sonic_Money_Tree

Consider the Ice Save account with Ice Save! They are an independent bank based in Ice Land!
Good rates and good for savers wanting the interest transferred to another account...:)

missile

There are many savings products from a variety of companies and there are any number of threads discussing same. See http://forums.moneysavingexpert.com/showthread.html?t=608697

Please note, 0.25% extra will not give you much more return for the ammounts and durations you have proposed. I would suggest you should be looking for a safe home with a resonable rate and easy access to the cash whilst you look for another job.

Assuming you already have £3,000 in a cash ISA? You may like to consider - NW are offering 6.7% for 1 year bond and NS&I indexed linked savings certificates.

Soprano

Thanks all. I should just add, I have another (better paid) job and start next week! So I didn't need to touch 1p!!