Lump Sum 30k with Instant Access

geordieracer9

Hi newbie here.

Can anyone provide any advice on the best place to put a lump sum of £30k? This is the tax free portion of a severance package and will be used to live on initially (hence the instant access)

If I secure new employment shortly I'll move this money to a more long term vehicle (such as stocks and shares ISA) but need advice on the short term please!

Thanks

Barkin

If you need instant access, surely you just find an instant access account that suits you, at the best rate?

Am I missing something? 

Darcie23

Its moving fast just now! Chip and Tandem are both competitive - look at the latest page of easy access accounts for the most up to date info

Doctor_Who

geordieracer9 said:

Hi newbie here.

Can anyone provide any advice on the best place to put a lump sum of £30k? This is the tax free portion of a severance package and will be used to live on initially (hence the instant access)

If I secure new employment shortly I'll move this money to a more long term vehicle (such as stocks and shares ISA) but need advice on the short term please!

Thanks

You might find this link useful:

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

cymruchris

geordieracer9 said:

Hi newbie here.

Can anyone provide any advice on the best place to put a lump sum of £30k? This is the tax free portion of a severance package and will be used to live on initially (hence the instant access)

If I secure new employment shortly I'll move this money to a more long term vehicle (such as stocks and shares ISA) but need advice on the short term please!

Thanks

At the moment - any answer we give you today might be different tomorrow. Rates seem to be changing quite often across the market.

There's a thread here that's some 1400 pages long that discusses the current best, and what's happening in the market - useful to keep up with what's going on (Skip to the last few pages)

https://forums.moneysavingexpert.com/discussion/596724/the-top-easy-access-savings-discussion-area/p1

kitkat68

I’ve stuck mine with GB Bank through Raisin. It’s earning 4.15%

if they don’t keep up I’ll shift it somewhere else - the beauty of east access

geordieracer9

Barkin said:

If you need instant access, surely you just find an instant access account that suits you, at the best rate?

Am I missing something? 

I guess some of the thing is was thinking about were

- I'll be using the money to live off until I get a new job so the pot will be reducing, therefore I assume somewhere offering monthly interest s preferable
- it seems many accounts only offer the headline interest on the first x amount of savings
- other only allow you to deposit a certain amount
- others only allow a certain number of withdrawals

I'm not sure if it's possible to filter on. these so is it just a case of checking the small print of every offering?

Albermarle

With a standard easy access account, interest is calculated daily and you can withdraw what you like when you like.
Also depositing £30K and getting the headline rate for all of it would be normal.
Such as these.
Best Easy Access Savings Accounts (moneyfactscompare.co.uk)

There are accounts with restricted withdrawals/contributions where you get a better rate.

boingy

Stick it in Chip, assuming you are happy with app-only banks.
The interest rate is never far from the top and they are quick to keep up with BoE rate changes.
Make sure you choose their Instant Access savings account:
4.21% AER Instant Access Savings Account | Chip (getchip.uk)