Advice on the most tax efficient way to save £100k

Cus

Premium bonds?

Ciprico

Add to pension....then invest in money market fund.

wjr4

Do you have other cash savings and investments? Pensions? 

Dazed_and_C0nfused

Harg8000 said:

Albermarle said:

Harg8000 said:

eskbanker said:

Harg8000 said:

We have recently downsized our house in order to release funds to send our children to private school. This has left us with c£100k which I am keen to transfer into a savings account to benefit from the high interest rates out there. I have already transferred £20k into an ISA but are there any other tax efficient ways that I can look at to maximise the return on this money? I am not prepared to risk the money by investing it into stocks and shares etc. Many thanks. 

If you say that 'we' have downsized and 'I' have put £20K into an ISA, then presumably the other half of the 'we' can do the same?

If you're at the stage of knowing which school you want to send the children to, it might be worth discussing with them whether any sort of prepayment of fees (at current rates) might be possible on mutually advantageous terms?

Yes sorry myself and my wife have both maximised our ISA allowances for the 23/24 financial year. 

I like the idea of pre-paying the fee's so will pick this up with the school. Thank you. 

Are you both working/having an income?
Non earners, or low earners can have a lot more savings interest without paying tax.

We both work but my wife only works part time and is on the lower tax bracket. She has put the money in a savings account for now until the new tax year commences when the ISA allowance renews.  

Low enough earnings to be able to benefit the savings starter rate band?

EthicsGradient

Ciprico said:

Add to pension....then invest in money market fund.

That would not help pay upcoming school fees, for most people.

wjr4

EthicsGradient said:

Ciprico said:

Add to pension....then invest in money market fund.

That would not help pay upcoming school fees, for most people.

I read it as they’d already earmarked other money for school fees and this was leftover..?