where to put 20k

moneysavvy35

hi. I have 70k in chase account. 2 Isa's up to max. I have 20k to put somewhere should I be opening another saving acc? any other options I should consider? thanks

Middle_of_the_Road

When will you need access to the money?
What are your pension provisions?
Under 40 and not currently a home owner?

xylophone

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

mebu60

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ColdIron

You have asked similar questions several times. Last year you had £100k at sitting at 0.50% for years. You were also a higher rate taxpayer and looking to purchase a house. You had several suggestions including a LISA but you weren't keen as you would have to wait for a year

Did you buy a house? Is it still the plan?

Where is the money now? If you want to earn interest then opening up a savings account would seem an obvious move, you could add it to your Chase account as it's easy access. As you are a higher rate taxpayer you will be paying 40% income tax on taxable income (less £500 Personal Savings Allowance) so you might look at Premium Bonds as they are tax free

You should provide more up to date information about your circumstances and goals to get any sort of meaningful response

moneysavvy35

ColdIron said:

You have asked similar questions several times. Last year you had £100k at sitting at 0.50% for years. You were also a higher rate taxpayer and looking to purchase a house. You had several suggestions including a LISA but you weren't keen as you would have to wait for a year

Did you buy a house? Is it still the plan?

Where is the money now? If you want to earn interest then opening up a savings account would seem an obvious move, you could add it to your Chase account as it's easy access. As you are a higher rate taxpayer you will be paying 40% income tax on taxable income (less £500 Personal Savings Allowance) so you might look at Premium Bonds as they are tax free

You should provide more up to date information about your circumstances and goals to get any sort of meaningful response

you have asked where the money is now...I stated 70k in chase account and 2 lots of 20k in cash isa. I did actually take on board alot of the info provided from previous threads. hence them now in higher interet savings accs and isa's. 

will look into premium bonds again.. I find this a bit confusing to be honest maybe that's why I haven't gone down this route. my circumstance haven't really changed still looking to get a mortgage next year April and thats the goal really trying to maximise what I have. thanks

ColdIron

moneysavvy35 said:

hi. I have 70k in chase account. 2 Isa's up to max. I have 20k to put somewhere should I be opening another saving acc?

I was thinking about the 'extra' £20k as the Chase and ISAs are already savings accounts

Or do you mean you want to move £20K out of chase/the ISAs to somewhere else?

As a higher rate taxpayer you don't want to take anything out of the ISAs unless it's to put it in a better rate one. Have you used this year's ISA allowance or is that one of the 2 ISAs?

penners324

Put it in your pension 

moneysavvy35

ColdIron said:

moneysavvy35 said:

hi. I have 70k in chase account. 2 Isa's up to max. I have 20k to put somewhere should I be opening another saving acc?

I was thinking about the 'extra' £20k as the Chase and ISAs are already savings accounts

Or do you mean you want to move £20K out of chase/the ISAs to somewhere else?

As a higher rate taxpayer you don't want to take anything out of the ISAs unless it's to put it in a better rate one. Have you used this year's ISA allowance or is that one of the 2 ISAs?

yes I've used this years allowance. I won't be taking anything out. so it's £110k across 3 savings accounts. may look more into premium bonds.