Savings advice

Apeandguy

Hi.  I have about 10k gathering dust in the bank.   What is the best thing to do with it??   It's not exactly spare, but I don't need it right now, it's for emergencies really.  Should I put it in a stocks/shares ISA ?? Or something different 

jimjames

So you're not getting any interest on it? 5% you could get would be £500 per year

jaypers

Without even thinking about it much……
£3000 in a Cahoot Sunny Day Saver - 4.75%
£7000 in Atom Instant Saver Reward - 4.85%

Rate drops on Atom a/c for a month if you withdraw, but Sunny Day will give you access without penalties, hence having both. Both accounts give you full and immediate access.

You can probably eek out a bit more interest in you look at Notice or Fixed accounts, but negligible differences and I get the feeling you want access.

tacpot12

Don't invest in stocks and shares if it is your emergency fund. Keep it in a high interest savings account. 

Albermarle

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Bigwheels1111

I keep spare cash in a Trading212 easy access isa 4.9%.

Pays interest daily, but goes to monthly in January 2025.

Apeandguy

jimjames said:

So you're not getting any interest on it? 5% you could get would be £500 per year

I get a little but not much obviously 

Eyeful

1. Any money you may need within the next 5 years, should be kept in a cash savings account (covered by the FSCS up to £85K). 

2. Investing is basically gambling, where the odds are in your favour of winning in the long term. Stay invested for at least 10 years. Remember there are no guarantees, you might still get out less than you put in.