Best Savings Options for £60k+

Fatbloke72

My son has been lucky enough to save approx £60k and we're keen to understand what his best savings options are? Currently he has a lifetime ISA, (not sure how much he has in it, approx £10k I think). The rest is just in conventional savings and current accounts. What would you recommend are his best options?

InvesterJones

Well done! First decide what the goal of the saving is - this will determine the timespan available and inform the options. For example, pension contributions are often extremely good, but come with the caveat they can't be accessed until pension age obviously. On the other hand, if it's a short term goal then savings might be a suitable place.

Mark_d

So your son has saved up £10k in a Lifetime ISA and £50k across other cash accounts?

What's best for him depends on his goals, attitude to risk, insurance policies, financial plans...

For me, I would be maxxing my S&S Lifetime ISA.  I would keep at least another £10k in easy accessible cash (eg. high interest current account) to cover unforeseen expenses.  I would look to maximise my S&S ISA next.  Finally I would put anything left over in Premium Bonds.

Sam_666

Based on minimalistic info provided, fill up cash ISA for this and next year, at least match employer pension contributions, read a lot about tax rules and about investment types  and how different investments work.

Never buy/invest  in products you fully dont understand.

Albermarle

As said the answer largely depends on what he would want from the money and the time scales.
New car
Deposit on a house ( when ?) 
Holiday
Aim for early retirement 
etc

xylophone

How old is your son?

Is he working? Is he a member of a pension scheme? Married? Children?

Or is he a student?