some advise on where to put my maturing ISA with over 85K

trinidadone

I have a few previous ISA account and a main one which has over 85K

I am considering the following - 

Plum easy Access ISA 5.6% up to 85K
Tembo easy access ISA 4.8% rest (I see they have halted transfers at the moment)

None of this includes this years money, 

1. I was thinking of putting this years money is a second Plum Easy Access ISA, is this allowed?

2. After the three months, I was going to open a second Tembo ISA, and transfer from plum easy access. is this allowed?

I mighty have some cash left over. I guess the next best thing is a savings account. 

Kent Reliance savings at 4.75% unlimited withdraws Cahoots 5% interest - max 3k


Regular saving from my bank account:
Principality BS 7.5 fixed regular monthly deposit £200.00 for 6 months.

I have completed MSE questions, and it suggests investments, but i have been a little hesitant of this, as there is a risk.

Be interested in knowing your thoughts, as I would like to know if I am on the right track?????












 

eskbanker

trinidadone said:

I have a few previous ISA account and a main one which has over 85K

I am considering the following - 

Plum easy Access ISA 5.6% up to 85K
Tembo easy access ISA 4.8% rest (I see they have halted transfers at the moment)

If you're wanting to ensure FSCS protection then it would be prudent to leave some headroom for interest, i.e. keep a balance of nearer £80K than £85K, although there is the possibility of a rise in the cap to £110K later in the year.

trinidadone said:

I have completed MSE questions, and it suggests investments, but i have been a little hesitant of this, as there is a risk.

You don't say what your total cash ISA balance is and what it's earmarked for but yes, it would be normal to consider investing at least some of it if you don't have an identifiable need for access over the next few years?  It's a myth that savings are 'no risk' and investing is 'risky', but they just entail different types of risk!

trinidadone

eskbanker said:

trinidadone said:

I have a few previous ISA account and a main one which has over 85K

I am considering the following - 

Plum easy Access ISA 5.6% up to 85K
Tembo easy access ISA 4.8% rest (I see they have halted transfers at the moment)

If you're wanting to ensure FSCS protection then it would be prudent to leave some headroom for interest, i.e. keep a balance of nearer £80K than £85K, although there is the possibility of a rise in the cap to £110K later in the year.

trinidadone said:

I have completed MSE questions, and it suggests investments, but i have been a little hesitant of this, as there is a risk.

You don't say what your total cash ISA balance is and what it's earmarked for but yes, it would be normal to consider investing at least some of it if you don't have an identifiable need for access over the next few years?  It's a myth that savings are 'no risk' and investing is 'risky', but they just entail different types of risk!

eskbanker said:

trinidadone said:

I have a few previous ISA account and a main one which has over 85K

I am considering the following - 

Plum easy Access ISA 5.6% up to 85K
Tembo easy access ISA 4.8% rest (I see they have halted transfers at the moment)

If you're wanting to ensure FSCS protection then it would be prudent to leave some headroom for interest, i.e. keep a balance of nearer £80K than £85K, although there is the possibility of a rise in the cap to £110K later in the year.

trinidadone said:

I have completed MSE questions, and it suggests investments, but i have been a little hesitant of this, as there is a risk.

You don't say what your total cash ISA balance is and what it's earmarked for but yes, it would be normal to consider investing at least some of it if you don't have an identifiable need for access over the next few years?  It's a myth that savings are 'no risk' and investing is 'risky', but they just entail different types of risk!

Thanks for your response. good point about leading room for interest, thank you for that!! I really hope there is a rise of 110K 

I deliberate did not say the exact figure, but lets say roughly it is 150K in total and a combination of bog standard savings and ISA. Investing will be a whole new board game for me. I am open to hear more, but i am a novice with investments or even ISA stocks and shares

eskbanker

trinidadone said:
I really hope there is a rise of 110K 

A rise to £110K, not a rise of £110K!

https://www.bankofengland.co.uk/news/2025/march/the-pra-proposes-raising-fscs-deposit-protection-limit

Eyeful

trinidadone said:                                                    

I have completed MSE questions, and it suggests investments, but i have been a little hesitant of this, as there is a risk. 

1. With money there is always risk, it is just the type and size of risk which changes.
Example:
Even with a low risk savings account protected up to £85k by the FSCS, there is risk. The risk of inflation.
Here, the purchasing power of your money reduces as time increases..  
1975 inflation reached about 25%
1990 inflation reached about 9%
2022 inflation reached about 9%

2. As you have completed MSE questions, and it suggests investments & you mentioned risk.
Watch this:
https://meaningfulmoney.tv/2022/09/26/how-much-investment-risk-should-i-take/?sfw=pass1744318543

masonic

Are you sure Plum pays that rate on transferred funds?

trinidadone

masonic said:

Are you sure Plum pays that rate on transferred funds?

Happy to stand corrected, that's what this thread is for.

MACKEM99

I have an isa which matures soon and will have around 85k in it.  As eskbanker states I did leave headroom when opening it.  However I dont want to loose the isa wrapper.  Can i move say 10k out to another provider and leave the rest where it is or even do other splits?

Thanks

PeskyBlunder

In theory, yes. However, you need to check that your current provider allows partial transfers out.

MACKEM99

Thanks my thoughts entirely.  Plus new one partial in.  So much for making the change easy eh?😄