Where to put 50k in savings

Starling3

Excuse my ignorance when it comes to this topic. Hubby and I are looking to put £50k into easy access account because we need access it as it’s our house renovations fund. Where is the best place to put this? And will we get taxed on it? Many thanks

mije1983

Starling3 wrote: »

Hubby and I are looking to put £50k into easy access account because we need access it as it's our house renovations fund.

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess

Starling3 wrote: »

And will we get taxed on it?

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#rule1




What's the time frame for needing it? A month, 6 months, 2 years?

Paul_DNAP

See the savers rates guide, at the moment the best rate for absolutely instant access cash savings is around 1.3%
You could earn more on it by pimping it around multiples of the higher rate current accounts, there are topics on that in the forums.
You might have to pay income tax on interest payments, it depends on your overall income and how much of your PSA you are using in other interest earned. If you're worried about taxation on the interest then you can put look into ISAs etc.

Starling3

Thank your how many isas can one individual have? And what’s the maximum you can put in an ISA at the moment?

aj23_2

I'll look after it for you.

mije1983

Starling3 wrote: »

Thank your how many isas can one individual have? And what’s the maximum you can put in an ISA at the moment?

As many as you want. However, you can only subscribe (pay money into) one of each type each tax year. The current limit for new money is £20k per tax year.

18cc

Interest on 50k at 1.3% will be less than the yearly allowance of £1000, so unless you have other savings you should not have to pay tax.

xylophone

http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

https://www.moneysavingexpert.com/savings/best-cash-isa/