Where to put my money

Jrose1927

Hi guys
I've got 10k sitting in Santander 123 with the news of cut interest rates I'm looking for options

I just opened a HSBC advance account for the 175 cashback and the regular savings account

But what's my best option for the 10k which I don't mind being locked away or tied in etc

Any advice would be great thank you

colsten

What are your plans for the money?

What are your "locked away or tied in" timescales? 1yr, 5, 10, 20?

Can you afford to risk some of your capital? If so, how much?

Are you a BR or HR tax payer?

What are your pension arrangements?

What is your employment status?

Jrose1927

No plans with the money as of yet I've other savings il be living off
Maybe around 10 years I wouldn't have to touch that 10k

Id be more comfortable in risk free but willing it risk if the option tempted me wouldn't want to risk more than 5k though

I'm 25 so pension is away off yet but contributing to it weekly through my wage I'm full time employed also

xylophone

Savings rates here - not exactly scintillating alas.

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

https://forums.moneysavingexpert.com/discussion/comment/76070837#Comment_76070837

You could consider making a contribution to your pension?

Or maybe (assuming you have an emergency fund), consider starting a stocks and shares ISA?

https://forums.moneysavingexpert.com/discussion/comment/76753126#Comment_76753126

cloud_dog

Jrose1927 wrote: »

No plans with the money as of yet I've other savings il be living off
Maybe around 10 years I wouldn't have to touch that 10k

Id be more comfortable in risk free but willing it risk if the option tempted me wouldn't want to risk more than 5k though

I'm 25 so pension is away off yet but contributing to it weekly through my wage I'm full time employed also

Do you own a property? If not, do you think you may buy a property at some point in the future? If yes, then I would probably start putting the money in to a LISA. At least use up the annual limit (£4k) and get a 25% bonus from the Government.

Zero_Sum

With "only" £10k in there, why was it there in the 1st place?
As you were only getting 0.9% after fees

Stargunner

With "only" £10k in there, why was it there in the 1st place?
As you were only getting 0.9% after fees

The op may have direct debits coming out of the account earning cash back so you may. E wrong with that comment.

webjaved

Have you had a look at stocks and shares ISA? It comes with risk though.

Otherwise I would look at sticking that money into an Marcus Account. Personally that would be my choice if I didn't want to take risks, if I was to take risks I would go for a S&S ISA.

Jrose1927

Thanks for the replies

I already have a mortgage could anyone explain how the Marcus account works Ive heard it mentioned a few times on the forum but never heard of the bank publically .

Of course it's just a standard bank guessing online only ? What does it have to offer ?

xylophone

Relative told me he opened one a couple of days ago - applied on line, instant set up, funded within minutes by FP.

https://www.marcus.co.uk/uk/en?prd=os&chl=ps&schl=psg&cid=Brand_Core-Brand_Marcus_X_Exact&agp=Brand_Core-Brand_Marcus_X_X_Exact&kid=marcus&mtype=e&gclid=EAIaIQobChMIl_igqYqa5wIVwrHtCh0qUwkZEAAYASAAEgLwS_D_BwE&gclsrc=aw.ds

colsten

Marcus isn't a Bank but the brand name of Goldman Sachs' UK savings arm.