Where to put 20k and monthly deposits? 25 October 2022 at 7:36PM in Savings & investments 4 replies 431 views

hieveryone

Hi all, 

I have about 20k to put into a savings account. I will also save between £500-£1k a month. I don't particularly need instant access, but I would like to think I could access it if I really needed to. I would be happy with a year fix. 

I'm getting confused on the maximum deposit limits etc. 

Thanks

Daliah

What tax payer band are you in?

What if any debts do you have?

What are your pension arrangements? How many years are you from retirement?

Do you qualify for a LISA?

How much of your savings do you need in your emergency fund?

hieveryone

Daliah said:

What tax payer band are you in?

What if any debts do you have?

What are your pension arrangements? How many years are you from retirement?

Do you qualify for a LISA?

How much of your savings do you need in your emergency fund?

That would have been good info to include wouldn't it! My apologies! 

I'm just a standard tax rate, I work part time. I have the typical mortgage and car loan but these have additional payments scheduled outwit these figures. 

I'm a good bit yet from retirement age and have a good pension scheme through work. 

I'd probably like to have at least 5k available (already accounted for in figures).

Thank you 

phillw

I have the typical mortgage and car loan but these have additional payments scheduled outwit these figures. 

What is your mortgage rate and how long for? Are you overpaying already?

If your mortgage is a higher rate than savings accounts offer then you should be maxing out your overpayments before saving more than your emergency fund

Car loans are not typical. What interest rate, how long left, can you pay it off?

hieveryone

phillw said:

I have the typical mortgage and car loan but these have additional payments scheduled outwit these figures. 

What is your mortgage rate and how long for? Are you overpaying already?

If your mortgage is a higher rate than savings accounts offer then you should be maxing out your overpayments before saving more than your emergency fund

Car loans are not typical. What interest rate, how long left, can you pay it off?

Mortgage currently 1.54% until June next year. Overpaying already. 

Car loan is not a car loan per se, it's an unsecured personal loan at something like 3%, 4 years left.