Best option for savings

SJS5

Hi all

I am looking for some advice for the best place to put my savings.

I currently have savings of around £200k.

I already have 3 ISAS and have used this years allowance and have a couple of fixed rate bonds of 25k each on 4.1% interest

My query is I have around 90k in an easy assess account which is currently on 3.5% interest rate.

I am currently working part time and in receipt of my pension and am a basic rate tax payer.

Where is the best option to put some of the 90k that is sitting in my easy assess account? I have been toying with the idea of putting some in premium bonds .

I am going to be way over the £1000 allowed interest because of the amount that's in the easy access and my bonds but  I can't work out if its best to put some money in another higher rate bond and take the hit on the tax or if it's better to put some over into premium bonds which is tax free and if so how much? 
Is there a certain amount which will be beneficial to put into the bonds.

thanks

jimjames

Depending on age it might be worth investing some but otherwise take the best instant access and fixed rate/term accounts that match your need for access to the money. Investments will help to protect your money from inflation long term but will be dependent on your age for suitability.

In terms of tax depending on income you might not pay tax beyond the £1000 allowance and it's better to get the best return even if you have to pay tax on it.

Albermarle

As a general recommendation, although it depends on you age and personal situation.
Money possibly needed in the short term - easy access savings account/Premium Bonds
Money unlikely to be needed for 2 or 3 years- Fixed term savings accounts
Money for the longer term/retirement - Investments via a pension.
Money for medium term ( 5 to 10 years) Mixture of cash savings with some investments.

Bigwheels1111

Add your pension and earnings up, Do they go over £17,570.

If so you will only get £1000 PSA.

If both add up to less than£17,570, Say £15k you could get £2570 + £1000 PSA= £3570 tax free interest.

If all else fails pay the tax, 80% of something is better than nothing.

0.5% for the last few years gave you nothing.

Re easy access, Stash it in Chip at 4.51%.

With open banking deposits and withdrawals ar instant.

Look here for easy access, select rate order.

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

Beddie

Stick £50k in Premium Bonds to avoid the tax on interest, but bear in mind your returns may be better or worse depending on your "luck."

And it's a bit of fun

SJS5

Bigwheels1111 said:

Add your pension and earnings up, Do they go over £17,570.

If so you will only get £1000 PSA.

If both add up to less than£17,570, Say £15k you could get £2570 + £1000 PSA= £3570 tax free interest.

If all else fails pay the tax, 80% of something is better than nothing.

0.5% for the last few years gave you nothing.

Re easy access, Stash it in Chip at 4.51%.

With open banking deposits and withdrawals ar instant.

Look here for easy access, select rate order.

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

hi 

yes my earnings and pension are above the £17,750

Thanks for the advice