Where to put away £10-12k?

sdavi3680

Hi, im going to be recieving about £15k in the next few weeks and was wondering where I should put £10-12k of it?
At the moment I am a tax payer in the UK but early next year should be going to live in S Korea for at least 1 year. I remember when I went travelling I was able to get tax-free savings in my normal Nationwide Saver account. Will I be able to do the same this time around? I will be earning money in S Korea but will not pay UK tax. If this is the case is best to put all of that money in a non-ISA savings account, or should I still put £3k of it into an ISA (I currently have no money in ISA's)

Anyway, what ar my options? I dont want to risk the money, I need it to be safely tucked away. I am unsure whether I will need to access any of it in the next year.

Thank you

[Deleted User]

Hi
I would put the first 3k in an ISA
put the rest in one of the online savings accounts 6%+
and before you go away for the year, you can send your bank the inland revenue form R85 (i think) that will mean you will be paid gross interest. then when you come back inform them and you will have to pay tax again (i presume). the good thing about doing this - is that with these type of accounts you can access the money easily and get all or part of it transferred to a nominated bank account within days.

Fat_Girl_Slim

I would certainly take advantage of a £3k cash ISA. As well as internet savers there are also some good '1 Year Bond' accounts around at the moment offering as much as 7% gross. If you're not planning to remove any cash for a while it makes sense to take advantage of it. MSE has some good tips on those kinds of accounts. As the other post said, if you don't earn over your tax-free allowance in any one year then you can claim back the tax deducted at source.