Please explain to a numpty what my best course of savings action should be

j_netprofit

You could stick the 20k in a Chip instant access account, giving 4.7% gross for a couple of months, but you're only gaining like ~£150 on that there, still better than nothing for little work required. The account couldn't be easier to open with the app, very numpty friendly, speaking from experience!

Then come April stick it into another ISA.

chrissychris

jay_ftw said:

You could stick the 20k in a Chip instant access account, giving 4.7% gross for a couple of months, but you're only gaining like ~£150 on that there, still better than nothing for little work required. The account couldn't be easier to open with the app, very numpty friendly, speaking from experience!

Then come April stick it into another ISA.

thank you, fellow ignoramus

Albermarle

I actually own the entire building, which is worth (hard to say exactly but) approx somewhere between £2 million - £5 million, conservatively.
My wife is from an eu country and when my mother eventually dies there's nothing really keeping me here, so we'll probably move there. My wife owns 3 properties in the capital city of her country. So the future is relatively secure, and even a miniscule state pension would go a fair way.

Although we can offer basic savings & investments guidance on here, you are presumably  getting some professional advice on your valuable property ? For sure when you sell up and/or move countries, you will need a lot of help sorting that out, mainly I guess from a tax point of view. 

MEM62

chrissychris said:

MEM62 said:

chrissychris said:

I just opened a cash isa with charter savings (£20k invested at 5.03%).

At the risk of being accused of hair-splitting, if it is in a cash account it is not 'invested'. Invested implies S&S. 

chrissychris said:

threlkeld53 said:

Your question is too difficult to answer in a general way. You need to supply much more info regarding your circumstances.

For example, age, employment status, emergency savings, pensions etc.
You mention that you have no mortgage, nor kids. Are those two situations likely to change in the future?

51 years old
My nest pension with around £24k in it

At your age you are way behind in your pension provision.  It is the most tax-efficient way to provide for your retirement income and you need to be ploughing as much into it as you possible can.  Some research / reading on this subject would serve you well.   

i was under the impression it's better to put spare money elsewhere for a better return

Where is 'elsewhere' and why so you think that would give you a better return?  Your pension is just a tax wrapper.  It is the investments within it that dictate how well it grows (tax free) and you have some choice in those.     
 
  

i know i know, i've had an unconventional life, 

I am always in favor of an unconventional life  :-)  

chrissychris

Albermarle said:

I actually own the entire building, which is worth (hard to say exactly but) approx somewhere between £2 million - £5 million, conservatively.
My wife is from an eu country and when my mother eventually dies there's nothing really keeping me here, so we'll probably move there. My wife owns 3 properties in the capital city of her country. So the future is relatively secure, and even a miniscule state pension would go a fair way.

Although we can offer basic savings & investments guidance on here, you are presumably  getting some professional advice on your valuable property ? For sure when you sell up and/or move countries, you will need a lot of help sorting that out, mainly I guess from a tax point of view. 

if that ever happens I'd take advice, yes, but I have no intention of selling up if I can help it

enthusiasticsaver

Your best course of action is to sort out your lack of pension provision.  Do you receive rents on the property? 

chrissychris

enthusiasticsaver said:

Your best course of action is to sort out your lack of pension provision.  Do you receive rents on the property? 

yes £11.5k a year