We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Savings - Best place to start?
Following a messy divorce, I have 45k that i need to get into a better savings account(s), and Im not sure whether and how to split this - i dont have an ISA, I previously had a chase account which had a decent rate, but thats ended now. I own my own place, no mortgage. What do I need to think about when considering where to put this?
Thanks for any help and advice :)
Comments
-
If your user name describes your initial thoughts for this money…..
Have a look at this MSE article
1 -
If you are working and paying tax, an easy access ISA would be better than a normal savings account for £20k of that money this financial year.
Have a look here-
2 -
Are these long term savings? What's your risk appetite? You'll probably get (long term) better returns with a stocks and shares ISA than a cash ISA...
But there is an element of risk to this.
1 -
The place to start is to think about plans. Absolutely, get it into some accounts that work for you while you sort out your plans - the MSE links already given should help there - then sit down and work out what you would need for an emergency fund, what your plans are for pension etc.
2 -
You say you have no mortgage but are there any other debts that you should clear?
Have you considered putting it into a pension if you don't need it now? You might max the amount you can put into your work pension and use some of the available cash to support your lifestyle.
I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇🏅🏅🏅🏅🏅1 -
Depending on your age, salary, plans for accessing it.. there could be 50 different answers.
Not knowing anything I'd suggest Premium Bonds until March next year, then £20k to ISA for this tax year and £20k in April for next tax year (some may need to go to S&S but who knows).
2 -
Without knowing your age, your financial commitments, your risk tolerance, or your plans for your money, nobody can make any sensible suggestions.
2 -
Pay all the debt
Cash ISA if you need access to the money in short or medium term
S&S ISA for long term investment.
Consider premium bond if you in high tax bracket.
1 -
Easy access / fixed rate ISA for £20k, maybe a non-ISA easy access account for the rest (just in case the boiler blows or the care needs repairs). Hopefully you are already paying into a pension through work. Choose a regular saver with good interest for any spare £ you have each month to build up something for next year's ISA allowance
1 -
This is often recommended as a useful place to start to help you prioritise.
2
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.8K Banking & Borrowing
- 254.6K Reduce Debt & Boost Income
- 455.6K Spending & Discounts
- 247.7K Work, Benefits & Business
- 604.6K Mortgages, Homes & Bills
- 178.7K Life & Family
- 262.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards