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40k in the wrong savings account? Advice needed please.
Comments
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As you have a company, look at company pension contributions (especially as you may be an "old git" like me - lol). Even a very low risk/cash SIPP could save you tax, employers and employees NI (up to 65%... gulp!)
Now it's getting complicated
, so I'll definitely ask the IFA, but thanks 
jem16 again
I've only just taken out my first ISA so I can't do anything else re ISA S&S's until next year can I?Oh what a tangled web we weave, when first we practice to deceive. ~ Sir Walter Scott0 -
Incidentally jem16 - from this month I'll be able to bank £1,000 for at least 12-24 months, so does that make a difference to interest rates, or should I leave that one for an IFA to sort IYO?
Some accounts do have tiered interest rates so it can make a difference. The rate I gave you for the websaver was for over £25,000. With Sainsbury's it doesn't matter if you have £1 or £100,000 the rate is the same at 6.25%.
You'll need to decide whether it's saving you are doing or investing. An IFA won't be interested in advising on savings accounts.jem16 again
I've only just taken out my first ISA so I can't do anything else re ISA S&S's until next year can I?
I think you said you have opened an ISA with NS&I with £3k? In that case you still have a £4k allowance to be used for S&S so you can do this now.0 -
Some accounts do have tiered interest rates so it can make a difference. The rate I gave you for the websaver was for over £25,000. With Sainsbury's it doesn't matter if you have £1 or £100,000 the rate is the same at 6.25%.
You'll need to decide whether it's saving you are doing or investing. An IFA won't be interested in advising on savings accounts.Investing seems the way forward jem16. I just feel compelled to get this Halifax account shifted pronto!
I think you said you have opened an ISA with NS&I with £3k? In that case you still have a £4k allowance to be used for S&S so you can do this now.
I've been reading the wrong posts I think:o , but I'll definitely be looking at tying that extra money up now. Thanks again. Oh what a tangled web we weave, when first we practice to deceive. ~ Sir Walter Scott0
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