Savings best way to maximize them

locka

Good evening MSE form.

I'm after some advise, I really need to make best use of my savings. I'm currently 42 and would like to make use of my savings £35,500. What I'm interested in is understanding how best to spread the money to make best use of the offers around and getting a little confused about how best to do this:-

• 8,606 of my savings above in an ISA earning little (not this years ISA).
• Rest in Santander bank account only 0.10%. (monthly Salary is paid in here)
• Barclays account 332.08 (not sure of interest rate).
• Only a couple of direct debts rest I pay quarterly when they come in.
• Mortgage repayments a month £119.86 total left £10,418.37. Interest rate 1.75% (cost to pay up early % of money left not sure how much).
• currently make sure £250 a month is put aside although technically all my earnings go into the same account.
• NO CREDIT CARD DEBTS OR LOANS.
• And don't shoot me down for this no pension.

I hope I have supplied enough information for someone to perhaps advise me how best to go about this task

Fatbritabroad

Change the santander account into a 123 account and immediately earn 1.5% on up to 20k and cashback on your bills.

Open nationwide flex direct accounts ( of there's two of you you can have 3 at 5%)

And start a pension! Are you employed or self employed? If employed you are passing up free money by not having one

greenglide

You havent said what you are saving for.

Savings for retirement, potentially in twenty years time, requires a different approach to saving for, say, a replacement car in 12 months time

locka

mostly for my retirement

greenglide

And don't shoot me down for this no pension.

and

mostly for my retirement

don't go very well together.
You would generally expect to have a pension and / or a S&S ISA to save for retirement. Cash savings, generally, won't do on their own as you won't get much in the way of true growth.

locka

Thanks while I total under stand that, its not ideal situation, id still like to start making best use of money with what's available. Not sure how safe stocks and shares is there not quite a lot of risk.

darkidoe

Start by maximising interest from current accounts/savings account available to you

Maximize workplace pensions contributions.

Really need to figure out what are your prospects and current work situation and more specific goals to have a more personal tailored plan. But in general maximize pension contributions and maximizes interest paying current accounts are a no brainer (Everyone will retire some day and everyone spends cash)

Read this to figure out what you need to ask yourself: How to Be Your Own Independent Financial Advisor