Advice please - cash to save

Options
Need advice - been given £20k. Where should I save this? No debt to pay and mortgage nearly finished so happy to keep that on.

Comments

  • jimjames
    jimjames Posts: 17,676 Forumite
    Photogenic Name Dropper First Anniversary First Post
    edited 4 March 2017 at 6:12PM
    Options
    Do you already have sufficient emergency savings? Pension?

    If so then S&S ISA is probably a good place to start, most will fit in now or if you want to research and wait the whole £20k will go in next year's allowance
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Eco_Miser
    Eco_Miser Posts: 4,708 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    If you don't need the money for at least 5 years, and already have sufficient cash for emergencies, then an S&S ISA as jimjames suggests, otherwise look at current and regular saver accounts, see http://www.moneysavingexpert.com/savings/savings-loophole
    Or you could split it and do both.
    Eco Miser
    Saving money for well over half a century
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Options
    How old are you and are you a higher rate taxpayer?
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Name Dropper First Post First Anniversary
    Options
    AnotherJoe wrote: »
    How old are you and are you a higher rate taxpayer?

    Steady on, it's not tinder......
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
    Name Dropper First Post First Anniversary Post of the Month
    Options
    Gillmeg wrote: »
    Need advice - been given £20k. Where should I save this? No debt to pay and mortgage nearly finished so happy to keep that on.
    Do you actually need advice or do you just need some lists of the highest paying accounts that you can put the money into.

    If the latter, click the 'banking and saving' menu option at the top of the page and look at "Best Bank Accounts" and "Top Savings Accounts".

    If you need advice, let us know which of the accounts there you have already considered and rejected and why, and what your savings or investment goals are, and timeframes, and what products you are already using etc (as well as the other questions about tax rates etc).
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