Advice Needed on Finances

SieIso · 15 February 2024 at 4:09PM

Hi All,

I have a regular saver that has just matured with approximately £3k in it. I also have £85k due to mature on Monday with Raisin @4.2%.

I am not sure what to do next, I would like to pay off my mortgage when it renews on 1st April, the outstanding balance is £40k and the renewal rate is 9%. I am then hoping to use the remaining money as a deposit on a new home which will hopefully happen by July (although nothing is guaranteed).

I also have £50k in Premium Bonds and around £35k within CHIP @4.5% interest with £2k in a regular current account for energies although CHIP allows me to dip in if needed.

I want my money to yield the highest returns possible but be accessible for paying off my mortgage on 1st April and putting towards a deposit (hoping to be in the region of £70k) when the time comes, what are my best options? I currently have £18k left on my ISA allowance for the year with the remaining £2k used on an active S&S ISA (overall balance £3500).

Thanks in advance

xylophone · 15 February 2024 at 5:33PM

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

boingy · 15 February 2024 at 6:25PM

You need to get it all into easy access accounts, either a cash ISA or just normal savings (or both). A cash ISA will probably benefit you given the amount of taxable interest you look to be earning. You can put 18K in now and another 20k in after April 5th. The money you have in Chip could be earning another 0.5% if placed elsewhere.