20k were to put it help

paulstevo

Good evening 
I have 20k to invest at the moment and am currently looking at my bank accounts etc during the current climate.
I have a Santander select account which is maxed out with 20k plus in it,happy with this at the moment however I’m sure with some constructive bank account choices I could do better.
It’s  the 20 k I have a problem we’re to invest. Would the Virgin fixed for year at 1.36 % be best choice at present as I’m not going to need to withdraw plus a year is enough of a commitment to me.
Any advice on best isa before tax year is up much appreciated.

Alexland

The "current climate" is that global stock markets are still around 30% down (although this is more like 20% to a UK investor due to GBP to USD currency movements) so, assuming markets recover eventually, your £20k could be worth a lot more over 5+ years (preferably longer) if invested than if staying in sub-inflation circa 1% cash savings accounts.

Have a good think about how you will eventually use this money, your volatility tolerance (could you cope with seeing it going up and down by 25%, 40% or 50% on the journey) and how long until you need to spend it. Also consider if an ISA is the most efficient option or if you could do better contributing to a Lifetime ISA (if young) or a pension (at any age).

paulstevo

Not really looking to contribute to pension atm .
I'm 52 and trying to soften the blow of my pension retirement fund already being hit to the sum of 12%.
I get the long term advice however I'm quite cash rich atm and instead of looking for money to stagnate in current account looking for a little pot to fall back on or add to my eventual retirement plan in 3 years .
Trying to make some ground up on current losses which may get worse.
Is it worth me doing 3 year isa for small percentage increase ,that's my question really.
Thanks for response 

afis1904

How much other savings do you have? If you're not close to your personal allowance, there's no reason to put the money into a fixed cash ISA.

paulstevo

I have a company SIP which I draw out all available tax free shares every year that equate to approx 2.5 k share price dependant . Also have small Santander savings account that I deposit 200 a month which matures on yearly basis dividends just over 100 odd pounds .

afis1904

In that case you're better off just looking at non ISA fixed rates if you won't need access for a year or longer as you'll have £1000/£500 0-tax on interest depending on your tax bracket.

paulstevo

So the virgin isa be my way to go then ?