Advice Please

pbsmiles

Hello everyone

I turn 50 next months and my partner is 51.
We don't live together as i have two children who havn't yet left home, but the plan is that at 55 I will be living with him.
I have just sold my house to pay off debts and moving into rented accommodation for the next three years.
I will have no debts and about 20k of cash. 10k will be untouched and the other 10k will go to home improvements in my partners house. He currently has a mortgage but I am going to contribute to this so that we will be mortgage free by 55. (All done legally so i Own part of the house with him).
My question is that where do i put the 10k to get the best out of it, over the next five years and I will also have a regularly amount of £400 a month to save.
Suggestions please.

EdGasketTheSecond

£3000 could go in the new NS&I 3 year 2.2% bond. Go to the NS&I website for details.

Mogley

Increasing your pension pot is one option but more details regarding your circumstances are required to know whether this is best for you.
A more conventional cash savings approach is to get a Nationwide Flexdirect current account for £2.5k of your money which has a flexclusive regular saver where you can also deposit a maximum of £500/month (£400 in your case). Both accounts pay 5% interest at the moment. Check the terms of the accounts on the nationwide website to see whether they suit you.
There are other current accounts available for the other £7.5k but if you are willing to take a bit more risk with this then S&S ISA maybe ok (but not ideal) for some of it.
There are plenty of threads with information that could help you with this.

badger09

Have you read this?

http://www.moneysavingexpert.com/savings/which-saving-account

Eco_Miser

Mogley wrote: »

A more conventional cash savings approach is to get a Nationwide Flexdirect current account for £2.5k of your money which has a flexclusive regular saver where you can also deposit a maximum of £500/month (£400 in your case).

If any of that other £7.5k is an an easy access account earning less than 5%, you can feed £100 a month of that into the Flexclusive, along with your new £400.

A Person Pension would be available at 55, and usually has tax advantages. Otherwise stick to the higher paying bank accounts.