20K what to do with it?

Philipjj83

I have 20k in savings currently sat in a current account. Any ideas on what to do with it to make it work? 

eskbanker

https://www.moneysavingexpert.com/savings/which-saving-account/
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Consider Premium Bonds too, as they're more competitive than before, given the direction of traditional savings accounts.

Philipjj83

Thanks ill have a look 

London7766551

If you have never owned a home and under 40, and want to buy one in future, you could consider as LISA for part of the money (4K a year max), although be warned you cannot withdraw the money unless you are buying a home or retire. The government will give you a 1K top up every year. Skipton building society offer the cash account.
https://www.skipton.co.uk/savings/isas/lifetime-isa

You could split the money into different savings accounts. But i'm another fan of premium bonds, I have won £25 every month with 13k in the account. One month it was £50! It beats the interest rates now. You just need a bit of luck of course.

Albermarle

Philipjj83 said:

I have 20k in savings currently sat in a current account. Any ideas on what to do with it to make it work? 

With so little info to go on, it is difficult to comment .
Do you have a mortgage, pension, how old are you , when are you likely to need the money etc etc

Philipjj83

Mortgage yes 
Pension no 
37yo
Money is safety net really. 
Not a massive spender so don't need the money for anything specific just yet 

YorkshireBoy

3 weeks ago on another thread you said you had £30K. Maybe put the £20K where you put the other £10K?

Does not having a pension concern you? It would have concerned me at your age, after having worked for 20 years.

ColdIron

37 years old and no pension? You'll be working until you are nearly 70 and then living on just over £9,000 a year. Sounds grim

Philipjj83

I do have 30k but want to use the 20k an keep 10 back. 
No pension does concern me, im self employed. All I've ever heard about pensions is people paying in an losing it all when they retire ?

eskbanker

Philipjj83 said:

I do have 30k but want to use the 20k an keep 10 back. 
No pension does concern me, im self employed. All I've ever heard about pensions is people paying in an losing it all when they retire ?

No idea where you've heard that but I'd humbly suggest doing some more reading about pensions, on this site and elsewhere, in order to acquire a more balanced perspective than the rather skewed one you appear to have just now!

csgohan4

Philipjj83 said:

I do have 30k but want to use the 20k an keep 10 back. 
No pension does concern me, im self employed. All I've ever heard about pensions is people paying in an losing it all when they retire ?

So your happy with 9k a year state pension?

Not putting money into pension is throwing money away, if your Self employed, contribute into a SIPP, it is a tax deductable allowance if your limited company and the Government chips in

Your reading too much of the Sun/ Daily Fail. Investing in a SIPP can be simple or you can pay an IFA to do it for you. 

not having a pension is going to be your worst enemy when you retire. The money you would have saved are all taxed, whereas if put into a pension, you get tax benefits, no brainer really, but your choice if you believe the tabloids.  

My SIPP has grown by more than the interest I pay on my mortgage and it's alot more than 10% since I started investing since the middle of the year.