Savings of 80k - where to invest?

Mr_P_lovesAdvice

Hi My partner and i are looking for some advise on what to do with our Money. 

We are both higher rate tax payers, We have currently over 70k in a joint savings account and are not sure of what to do with the money. 

We have a mortgage we are still paying, we are currently in a good financial situation, although it could always be better. 

The easy answer here will probably be put it towards the mortgage - which of course can be done. But we have just been hit with a tax code adjustment due to the interest we received on our savings.

My thinking process to put some towards the mortgage, split it in an ISA each, and keep the rest for any plans to extend or do up our home? 

What would you advise, any help here would be great! 

FrugaiMacDugal

What you could do £20K each into ISA now for this tax year allowance, and then again in new tax year, 6th April.

Robin9

Can you confirm -  no debts (other than mortgage) and you've max'd your pension provision

lisyloo

It's good to have some emergency money in cash
Some people say 6 months income.
I'd say 3 months living costs.
There is no fixed rule but as a working couple you have some contingency e.g. if one was ill or made redundant the other will most likely still be earning.
So firstly consider how much you need e.g. if you needed a new roof.
You may well consider you need to keep about half that pot in cash.

After that I'd ask about your pension provision.
If you don't need the money for a while (and this means age 57+) then there are big tax advantages for higher rate tax payers of putting it in a pension.
Do you both have company schemes? Are they defined benefit? e.g. 75% of salary at age 65 or your own pot of money?