Number of deposits

avantra

Hi, So, I am here now for 20 years; who would thought 

The number of options available for savers is overwhelming, so I thought I'd pick the panel's brain to cut my journey short.

My wife and I can save around 50% of our salaries. Following a big building project, we are risk-averse now, so we are not looking at S/S investments.
On an annual basis, this is around £3k every month.

A war chest, we have around 24k in savings spread across a Zoppa smart ISA and Chase easy saver.

From next month, we can start locking cash away, but where?!

P.S
(I looked at regular savings, but the accounts that pay good interest and allow high deposits (£1k-1.5k) don't have online options as far as I can see or have many strings attached like geographical location, etc.).

eskbanker

avantra said:

we are risk-averse now, so we are not looking at S/S investments

As usually pointed out in response to that sort of comment, staying in cash is itself risky if the money is to be held for a long time, as its real terms value generally declines due to inflation.

When do you anticipate needing the money?

What do your pension provisions look like?

wmb194

avantra said:

Hi, So, I am here now for 20 years; who would thought 

The number of options available for savers is overwhelming, so I thought I'd pick the panel's brain to cut my journey short.

My wife and I can save around 50% of our salaries. Following a big building project, we are risk-averse now, so we are not looking at S/S investments.
On an annual basis, this is around £3k every month.

A war chest, we have around 24k in savings spread across a Zoppa smart ISA and Chase easy saver.

From next month, we can start locking cash away, but where?!

P.S
(I looked at regular savings, but the accounts that pay good interest and allow high deposits (£1k-1.5k) don't have online options as far as I can see or have many strings attached like geographical location, etc.).

You can open multiple regular savers, it all adds up. Otherwise just chase the best rates in other savings accounts.

https://moneyfactscompare.co.uk/savings-accounts/

jameseonline

I'd say get Santander Edge Saver & max it at £4000, get the Cahoot Sunny Day & max that at £3000, and/or get Regular Savings accounts at the best rates.

Otherwise you really chasing best rates for Easy Access a lot of accounts rates are going down now due to base rate change.

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

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

If it helps further most regular savings accounts you can close whenever you want, get your money back + any interest without any penalties, the only thing you might want to think about is you may not be able to open the same account again until after it was due to end.

Also if you want to lock away/want to use ISA's etc you'll still probably be wanting to get the best rates possible.

avantra

Thank you for the valuable advice,

We, of course, want the cash to grow more rapidly than interest, probably when we feel our war chest is around 40k.
We are both in our mid-50s and have about 120k in various pensions between us, about 30k in mortgage/debt, etc.

eskbanker

avantra said:

We are both in our mid-50s and have about 120k in various pensions between us

In which case putting more money into pensions is a no-brainer!

penners324

Putting a big portion of the amount you want to save into your pension would be by far the best option.

Then reviewing that mortgage. What rate is it on?

Albermarle

As well as adding to your pensions, you should take a look how they are invested. They may or may not be invested appropriately for you/your age /your future plans.
If investments are not something you really understand ( like the large majority) feel free to post details on here for input.