Looking for advice on where to put money

Silverhoop

Hi everyone,

I'm looking for a bit of advice please.

My wife banks with Virgin Money and currently only has a current account. Over time she's built up a fair amount of money sitting in it, and I've suggested she should move some of the surplus into a savings account to make it work a bit harder.

The main thing is that she'd want quick and easy access to the money if needed, so locking it away for a long period wouldn't be suitable.

Would an ISA be the best option in this situation, or are there other savings accounts that might be worth considering?

Thanks in advance for any help and advice.

eskbanker

The main thing is that she'd want quick and easy access to the money if needed, so locking it away for a long period wouldn't be suitable.

There are plenty of easy access savings accounts available - an ISA is probably only worth doing if she's likely to pay tax on the interest, and it sounds like she's probably not using her personal savings allowance.

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

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

Ayr_Rage

It's pretty daft to be leaving cash in an account that pays no interest.

What is a "fair amount"?

Do you both pay tax on income and if so at what rate(s)?

There are plenty of instant access savings accounts and flexible cash ISAs around.

Have a look here.

https://moneyfactscompare.co.uk/savings-accounts/

LHW99

Depending on how much other income she has she will have a personal savings allowance before she has to pay any tax on savings.

So although ISAs are tax-free (and don't have to be reported to HMRC no matter how much interest is earned) she may be best to look for the best interest rate she can get of whatever easy access account type.

Check the conditions, some instant access accounts only allow a small number of withdrawals before the interest rate drops, some are App only, some can be accessed on line (instead / as well as an App) and a few are branch-based, if that's preferred.

Cisco001

Cash ISA

S&S ISA if you don't need the money for 10 years

Could consider premium bond or gilts if you over the interest allowance.