Advice on saving/investing 5K needed please

Sy007

Hello all.
I have a lump sum of £5000 to save or invest. It's taken a lot to save so much so a no-risk policy is preferred.
I am ashamed to say I am in my late 40's and I have never been in a position to put money away for growth until now. I am excited to see what you experts come up with if you can spare your time.
For clarification, all of my eggs don't have to be in just one basket so please fire away with your thoughts.
Many thanks for your help.

jimjames

Where is the money at the moment? Instant access account is probably best return so choose the one that meets your criteria with the best rate

Sy007

jimjames said:

Where is the money at the moment? Instant access account is probably best return so choose the one that meets your criteria with the best rate

Hi Jim,
Many thanks for your swift reply.
The money is in my current account which is my only account. I don't mind locking away the money for a period of time too. 

allegro120

Sy007 said:

Hello all.
I have a lump sum of £5000 to save or invest. It's taken a lot to save so much so a no-risk policy is preferred.
I am ashamed to say I am in my late 40's and I have never been in a position to put money away for growth until now. I am excited to see what you experts come up with if you can spare your time.
For clarification, all of my eggs don't have to be in just one basket so please fire away with your thoughts.
Many thanks for your help.

Barclays Rainy Day Saver pays 5.12% on £5000. https://www.barclays.co.uk/savings/instant-access/rainy-day-saver/ could be worth looking at.

k_man

Which bank is your current account with, as they may offer an easy/instant access account to put your money in (and earn a £ or two), while you work out the best options?

bostonerimus

In this order.

Pay off any high interest debt you have.
Make sure you have at least 6 months cash spending in a bank saving account.
Put it into your workplace DC pension (if you have one), the risk will depend on your investments.

adindas

Sy007 said:

Hello all.
I have a lump sum of £5000 to save or invest. It's taken a lot to save so much so a no-risk policy is preferred.
I am ashamed to say I am in my late 40's and I have never been in a position to put money away for growth until now. I am excited to see what you experts come up with if you can spare your time.
For clarification, all of my eggs don't have to be in just one basket so please fire away with your thoughts.
Many thanks for your help.

Given the pre-condition no risk, the only viable option is saving account. If you want to put some efforts you could have 7%, 6%+ in regular saving account (RSA). Here is the link

https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

Alternatively to put it into  an easy access is to put into instant access if you need more flexibility.

Here are the link for it.

https://forums.moneysavingexpert.com/discussion/6392978/top-easy-access-acs-ranked-top-of-the-pots-no-chat/p1

https://moneyfacts.co.uk/savings-accounts/

https://www.simplysavingsaccounts.co.uk/

Have a look of them and ask further specific question in the specific board above or here. Someone might be able to help.

Beddie

https://moneyfacts.co.uk/savings-accounts/ is a good place to start, it shows variable and fixed rates. 

Don't worry about getting the last 0.1% out of having the very best savings account - that's only £5 a year on £5000. The important thing is to try and build up your savings, as you have plenty of years ahead of you!

As others have said, there are some good regular savings account paying higher rates, so it's worth looking into them too.

Albermarle

I have a lump sum of £5000 to save or invest. It's taken a lot to save so much so a no-risk policy is preferred.

I am afraid the two parts highlighted in bold are incompatible with each other.