What to do with 17k?

zaralocke

So hubby has just been paid an unexpected bonus of around £17,000.
I have a few grand of savings in an account attached to my current account (1st direct) but I know I probably could do better. I think that's about 0.6%

So what should we do with it? There's a small possibility I will change jobs later this year and need to relocate so probably better if it's not all locked away in a vault somewhere for the next decade!

BakingC

If you need quick access to it a Marcus savings account currently pays 1.5%

You have a first direct account are you currently using their regular savings account? Pays 5% if you save £300 a month into it for a year (interest paid yearly with the release of the lump sum at the end).

xylophone

If you are prepared to go to the trouble and have never had a Flexdirect account (Nationwide), consider opening a sole each and a joint and a linked Regular Saver.

Also consider opening a sole each and a joint TSB Classic Plus account.

You can set them up to fund each other. See post 2

https://forums.moneysavingexpert.com/discussion/comment/75615169#Comment_75615169

If you have FD accounts, why not a regular saver?

londoninvestor

cocuru wrote: »

Why don't you try Forex trading?

Perhaps because it's a losing game for almost all retail investors?

ColdIron

Poster is just trying to build up a post count, was 9 but lost 3 to the spam button

londoninvestor

ColdIron wrote: »

Poster is just trying to build up a post count, was 9 but lost 3 to the spam button

Oh I know, would rather place my feelings about forex trading on record though!

Alexland

zaralocke wrote: »

So hubby has just been paid an unexpected bonus of around £17,000.

Although you expressed a desire not to have it locked away have you considered the impact of this bonus on your hubby's tax position and if a pension contribution might be very advantageous?

Alex

zaralocke

He's already getting no tax free allowance as he has a company car so that won't change. Pension could be an idea but maybe we could over pay some of the mortgage (allowed to do this without s charge)?

Would anyone suggest using an isa for the interest then take it out again if we need it?

Clive_Woody

zaralocke wrote: »

So hubby has just been paid an unexpected bonus of around £17,000.
I have a few grand of savings in an account attached to my current account (1st direct) but I know I probably could do better. I think that's about 0.6%

So what should we do with it? There's a small possibility I will change jobs later this year and need to relocate so probably better if it's not all locked away in a vault somewhere for the next decade!

First Direct has a regular saver paying 5%, so if you've already got an account with them then first step would be to get some money into that (max £300/month).

As already mentioned there are also various other higher interest bank accounts you could use.

Another alternative is Premium Bonds, but no guaranteed returns, but if you are looking short term you could stick the cash in there for a year or so and access it when needed.

pennystretcher

If you have a mortgage, I'd just put the money towards that. If not, regular savers have the best interest rates at the moment - and TSB current account gives 5% up to £1500..