Account Matured - What Next?

newbieni

Hi,

I have a non-ISA account that has just matured with £85k in it and I was looking for some advice on what to do next.

I have £5k in a Vanguard S&S ISA - Lifestrategy 100% equity fund.
Premium Bonds have been maxed out.
CHIP - £35K.

We are hoping to move house soon and I want to clear my current mortgage at renewal in 4 weeks which is £35k,

What can I do to maximise my current returns, I want to eventually have around £50k of funds for a house deposit and one note of concern is that my job is being made redundant as of May and it's unclear if I will get alternative employment within the company.

Thanks in advance

Alice_Holt

Given the house move and job issues, I'd suggest instant access accounts until things are more settled.  
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess

SieIso

With the sums involved, shouldn't some be wrapped up in an ISA?

newbieni

I don't mind wrapping some in an ISA but not sure if there are good options available.

friolento

newbieni said:

I don't mind wrapping some in an ISA but not sure if there are good options available.

There's a Chip easy access ISA paying 5.1%. You can't better that with any non-ISA.

newbieni

friolento said:

newbieni said:

I don't mind wrapping some in an ISA but not sure if there are good options available.

There's a Chip easy access ISA paying 5.1%. You can't better that with any non-ISA.

How does that work if I make a withdrawal? Say for example I have my £20k placed there and I take out £1k, can I still use this £1k later or is it lost?

noh

newbieni said:

friolento said:

newbieni said:

I don't mind wrapping some in an ISA but not sure if there are good options available.

There's a Chip easy access ISA paying 5.1%. You can't better that with any non-ISA.

How does that work if I make a withdrawal? Say for example I have my £20k placed there and I take out £1k, can I still use this £1k later or is it lost?

CHIP is a flexible ISA according to the account summary.

"Your Chip Cash ISA is flexible so you can replace any money you withdraw from your ISA without it counting towards your yearly ISA allowance, as long as you replace the money in the same tax year."

https://www.getchip.uk/savings-accounts/cash-isa

Bigwheels1111

WOW 85k in one ISA thats brave.

Cash 85k protected, interest over 85k is not.

I would address that issue first.

newbieni

Bigwheels1111 said:

WOW 85k in one ISA thats brave.

Cash 85k protected, interest over 85k is not.

I would address that issue first.

It was not in an ISA, I only have around £5k in a S&S ISA.