Virgin Money new account

colsten

Cash ISA rates better than 1.6% AER for a 2 year fixed term are available. For example from Cynergy Bank. You can also get better than 1.6% AER rates for 2-year non-ISAs - e.g. 2.25% from Aldermore.

As has been pointed out already, the max that could possibly deposited before the end of tax year 2019-20, with some prudent scheduling, is 2 x £20k.

OP, I would recommend you

1. immediately open a 1.5% AER Marcus account or a 1.5% AER Cynergy account and shift your entire savings to there
2. then read up about savings on this site
3. then determine whether you could invest (as opposed to save) some of the money, e.g. in a pension
4. take appropriate action once you have established this

If you want further help from this forum, you'll need to provide more information, such as

1. when you expect to have to spend how much of the money
2. what your tax band is
3. whether you have any debts, incl. mortgage, and if so, what APR you pay and whether you can make one-off extra payments
4. what pension arrangements you have
5. how old you are
6. any details of any dependents you have

If this is information you are reluctant to share online, seeing an independent financial adviser might be an alternative. Although they will predominantly interested in directing you at investments.

Kernel_Sanders

Good advice from Colsten, especially for somebody who doesn't know what p.a. means.

Daniel1646

Thank you all that helped me here, let me go through your recommendations and will be back in due course.
Regards
Dan