Savings/Investment Suggestions?

Dark_Knight

Hi, 

MoneySaving newbie wanting some help.

I have received a gift of £30K and looking for suggestions for savings or investments (S&S etc).

I already have a S&S trading account as well as a SIPP, so was preferably looking at savings accounts mainly (though happy to go towards S&S).

Happy to lock some of it away for a rainy day but want to know the best way to maximise my returns be it in fixed bonds, regular saver etc.

Any suggestions would be much appreciated.

TIA

eskbanker

Dark_Knight said:

I already have a S&S trading account as well as a SIPP, so was preferably looking at savings accounts mainly (though happy to go towards S&S).

The implication here is that you have investments but not savings, which, if true, is an unusual way of managing finances - most will aim to establish a readily accessible pot of savings to cover emergencies, job loss, etc, so if you don't have that already, then keeping at least some of the money in cash deposit form makes sense.

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Albermarle

Otherwise these decisions are mainly driven by the time scale of when you may need the money.

Just as a very rough guideline

Up to 5 years - cash savings
For retirement - pension 
5 to 10 years - S&S ISA 

Pension has tax advantages and many people underfund their pension. Do you have a workplace pension?

Dark_Knight

eskbanker said:

Dark_Knight said:

I already have a S&S trading account as well as a SIPP, so was preferably looking at savings accounts mainly (though happy to go towards S&S).

The implication here is that you have investments but not savings, which, if true, is an unusual way of managing finances - most will aim to establish a readily accessible pot of savings to cover emergencies, job loss, etc, so if you don't have that already, then keeping at least some of the money in cash deposit form makes sense.

Thanks.

Yes, sorry I forgot to mention that I do have a rainy day fund equivalent to 6 months pay in case of said emergencies.

Dark_Knight

Albermarle said:

Otherwise these decisions are mainly driven by the time scale of when you may need the money.

Just as a very rough guideline

Up to 5 years - cash savings
For retirement - pension 
5 to 10 years - S&S ISA 

Pension has tax advantages and many people underfund their pension. Do you have a workplace pension?

Very helpful, thank you.

Yes, I have a NHS pension that I pay into every month.

Albermarle

Dark_Knight said:

Albermarle said:

Otherwise these decisions are mainly driven by the time scale of when you may need the money.

Just as a very rough guideline

Up to 5 years - cash savings
For retirement - pension 
5 to 10 years - S&S ISA 

Pension has tax advantages and many people underfund their pension. Do you have a workplace pension?

Very helpful, thank you.

Yes, I have a NHS pension that I pay into every month.

OK in that case you should be in line for a decent pension. However having a decent separate pot can give some flexibility if you want to early for example.