Money to save

L123

My husband has £40k which is currently sitting in a regular savings account. Now the interest rate has picked up we need o understand where best to put it. We’d like access to it and he doesn’t currently have an ISA.

Thank you

Nurse2047

Does he have a pension? Is he considering a s&s Isa or a cash isa? 

xylophone

https://www.thisismoney.co.uk/money/saving/article-11377191/Best-savings-rates-Marcus-raises-online-savings-cash-Isa-2-5.html

He could look at Marcus.

Other accounts here

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

ForumUser7

L123 said:

My husband has £40k which is currently sitting in a regular savings account. Now the interest rate has picked up we need o understand where best to put it. We’d like access to it and he doesn’t currently have an ISA.

Thank you

@L123 Given you've mentioned you'd like access to it, and stocks and shares ISAs tend to be for longer term investments, perhaps a cash ISA is something to look at. If you want access without a penalty, you may want to look at easy-access cash ISAs. You are able to invest £20,000 in an ISA for the 2022/23 tax year.

You could have a look at the following links: https://moneyfacts.co.uk/isa/instant-access-cash-isas/ https://www.moneysavingexpert.com/savings/best-cash-isa/ (only the Easy-Access cash ISA section).

As @xylophone has said, Marcus is currently a good one to look at - they are paying the top rate as of right now, at 2.5% (joint with Saga, as they are both products offered by Goldman Sachs. That said, there is a Bank of England base rate announcement today at 12:00, so you might want to wait a week or so in case any better rates are released, rather than having to go through the transfer process which, although most people's experiences are fine, could take time. If you prefer a bank/building society with a high street presence, Skipton BS is offering 2.10% and Nationwide BS is offering 2.00% on a limited access ISA.

I have linked a good forum thread for cash ISA rates too, hopefully this will be helpful - https://forums.moneysavingexpert.com/discussion/401374/cash-isas-the-best-currently-available-list#latest

Albermarle

If you read through this sub forum and the main Savings and Investments, you will see lots of similar questions/answers/opinions, that could be informative for you.

jimjames

L123 said:

My husband has £40k which is currently sitting in a regular savings account. Now the interest rate has picked up we need o understand where best to put it. We’d like access to it and he doesn’t currently have an ISA.

Thank you

What regular savings account? I assume it's not a regular savings account that you can only pay a limited amount per month as it's £40k. There are savings accounts paying around 3% so it doesn't mean a savings account is the wrong place but if you've left it in a bank for many years it won't be market leading. Check the links at the top and choose best rate for your situation. An ISA might not be the best option but bear in mind tax if not in an ISA and that you can only put £20k into an ISA each year.