15k advice

ryan008

hi looking for advice I recently inherited 15k..first time I have such money , I’ve not long finished paying off debts etc so this is a great start for me.

What’s best way to sort this money? I’m thinking 10k in easy access isa for emergency fund as I’ve never had a chance to even save for one! And rest in easy access saver?

assuming it’s best leave little as possible in current account just daily spending but would like access to some funds in case any emergencies!

any ideas be great thanks

Brie

For a bit of fun you could stick some in premium bonds.

Would a LISA be better than a ISA? Assuming you are the right age and haven't yet bought any property. Obviously this comes with restrictions.

I think not have too too easy access (like in your current account) is a great way to make you stop and think before spending.

eskbanker

This would probably be better on the savings board rather than the banking one, but yes, earn some interest on it rather than leaving it in a current account (presumably only paying low interest if any):

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

https://www.moneysavingexpert.com/savings/best-cash-isa/

Brie

https://forums.moneysavingexpert.com/discussion/comment/82095642#Comment_82095642

well spotted!! I'll move it.

EthicsGradient

If you're just a basic rate taxpayer, you may do just as well in a regular easy access savings account as in an easy access ISA - you won't be getting above £1,000 interest this year, so you shouldn't be paying tax on the interest, even outside an ISA. However, if there's a chance you may soon save more, then it may be worth putting some in an ISA now, because it'll be a 12k per tax year limit from April 2027.

If you don't mind a regular bit of money-moving, you could open a regular saver account or two. These pay better interest, but are limited to typically £200 to £300 a month saved. Assuming you can't spare all that from your income, you'd want to put a lump sum in an easy access account, and then manually withdraw the amount from that each month (you can set up a standing order to automatically do the current account-to-regular saver step). Some are paying 8% interest, if you have a current account with them - see the threads dedicated to regular savers. Check they allow withdrawals at any time during the year (they pretty much all run on a yearly basis - after a year's saving, you get it all back with the interest, and start again if you want),