Lump sum

doownai

Hello all, help/advice needed please. I have a lump sum of approx £15,000. What are the best options to 'stash' it away for a rainy day up until I retire in 5 years.
Thanks in advance.
Woody

lisyloo

Could you get tax relief by putting it in a pension ( if you are certain you don’t need it).
otherwise I’d be tempted by premium bonds.
another option is S&S ISA.

TheMilkmansDad

you can get about 2% on 5 year fixes at the moment - I think that beats Premium Bonds. So if you definitely don't need it then I'd do that. Either that or pension anyway..

xylophone

So you have enough "relevant earnings" to be able to use it to make a contribution to your pension?

Albermarle

doownai said:

Hello all, help/advice needed please. I have a lump sum of approx £15,000. What are the best options to 'stash' it away for a rainy day up until I retire in 5 years.
Thanks in advance.
Woody

Do you intend to withdraw/spend it as soon as you retire ? Is it a lot of money compared to your pension/other savings , or not ?