Best place to move my money to?

Timeforchange123

Hi,
I've been going over my finances and have found out that I have a nice little sum tucked away in an account that I don't use anymore. I pay a standing order each week to this account for 2 direct debits that ended a while ago. This has in time accumulated to just over 5k. The account doesn't have a very good interest rate at all and I'm wondering where would the best place to put this money?
I have paid my mortgage off and have an isa that is currently at its limit, I'm also paying into a monthly savings account using my regular income.
Any advice would be appreciated.
Thanks.

penners324

Easy Access savings account.

Tandem, Marcus, lots of other banks 

Albermarle

Timeforchange123 said:

Hi,
I've been going over my finances and have found out that I have a nice little sum tucked away in an account that I don't use anymore. I pay a standing order each week to this account for 2 direct debits that ended a while ago. This has in time accumulated to just over 5k. The account doesn't have a very good interest rate at all and I'm wondering where would the best place to put this money?
I have paid my mortgage off and have an isa that is currently at its limit, I'm also paying into a monthly savings account using my regular income.
Any advice would be appreciated.
Thanks.

It is always difficult to offer suggestions when we only know part of your situation.
You do not mention your age or family situation for example.
Do you have a pension? ( with your job?) 

Timeforchange123

Albermarle said:

Timeforchange123 said:

Hi,
I've been going over my finances and have found out that I have a nice little sum tucked away in an account that I don't use anymore. I pay a standing order each week to this account for 2 direct debits that ended a while ago. This has in time accumulated to just over 5k. The account doesn't have a very good interest rate at all and I'm wondering where would the best place to put this money?
I have paid my mortgage off and have an isa that is currently at its limit, I'm also paying into a monthly savings account using my regular income.
Any advice would be appreciated.
Thanks.

It is always difficult to offer suggestions when we only know part of your situation.
You do not mention your age or family situation for example.
Do you have a pension? ( with your job?) 

Sorry, a little about myself...I'm 42 with 2 children not yet in their teens and a wife who also has a full time job. I no longer have a mortgage and no debts. I'm a sub contractor so don't have any pensions from any previous jobs. I have however within the last 3 years set up a vanguard pension which I pay £100 per month into.
I've always been afraid of pensions thinking of it not being worth anything when I need it. I did think of putting the money into the pension pot but worried about the risk involved

jimjames

Timeforchange123 said:

Albermarle said:

Timeforchange123 said:

Hi,
I've been going over my finances and have found out that I have a nice little sum tucked away in an account that I don't use anymore. I pay a standing order each week to this account for 2 direct debits that ended a while ago. This has in time accumulated to just over 5k. The account doesn't have a very good interest rate at all and I'm wondering where would the best place to put this money?
I have paid my mortgage off and have an isa that is currently at its limit, I'm also paying into a monthly savings account using my regular income.
Any advice would be appreciated.
Thanks.

It is always difficult to offer suggestions when we only know part of your situation.
You do not mention your age or family situation for example.
Do you have a pension? ( with your job?) 

 I have however within the last 3 years set up a vanguard pension which I pay £100 per month into.
I've always been afraid of pensions thinking of it not being worth anything when I need it. I did think of putting the money into the pension pot but worried about the risk involved

If the only pension you have paid into is £100 per month for the last 3 years I'd be more worried about the risk of not paying more into the pension. That's going to be quite a small amount when you come to retire unless you increase it. As a contractor are you able to pay in from your company as that might be more tax efficient

Albermarle

Timeforchange123 said:

Albermarle said:

Timeforchange123 said:

Hi,
I've been going over my finances and have found out that I have a nice little sum tucked away in an account that I don't use anymore. I pay a standing order each week to this account for 2 direct debits that ended a while ago. This has in time accumulated to just over 5k. The account doesn't have a very good interest rate at all and I'm wondering where would the best place to put this money?
I have paid my mortgage off and have an isa that is currently at its limit, I'm also paying into a monthly savings account using my regular income.
Any advice would be appreciated.
Thanks.

It is always difficult to offer suggestions when we only know part of your situation.
You do not mention your age or family situation for example.
Do you have a pension? ( with your job?) 

Sorry, a little about myself...I'm 42 with 2 children not yet in their teens and a wife who also has a full time job. I no longer have a mortgage and no debts. I'm a sub contractor so don't have any pensions from any previous jobs. I have however within the last 3 years set up a vanguard pension which I pay £100 per month into.
I've always been afraid of pensions thinking of it not being worth anything when I need it. I did think of putting the money into the pension pot but worried about the risk involved

Three important points about pensions.
1) You get a tax benefit . Minimum 6.25% but can be more.
2) The pension does not perform, it is the investment(s) you hold in it. For example within a Vanguard pension there is a range of investments you can choose from . Which one did you choose?
3) People often vastly underestimate the size of the pot they need to build up.

Otherwise if you kids go to Uni, they will almost certainly need some parental support, so you need a plan for that as well. 

Beddie

Any of these will do nicely for your £5k

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

Building up a pension is very important too, you should try to increase your contributions.