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where to put 20k

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Hello, I'm new to this site! I've looked on the internet for places to put 20k and it's minefield to a new investor/saver.

I want somewhere as safe as houses to put 20k, I don't need it for anything just yet and would like a safe place with a good interest NO RISKS this is our nest egg.

there is enough money coming in for day to day stuff, bills and the like and a bit left over for a few non-essentials.

Can anoyone suggest a good place for this money please?

thanks in anticipation
L
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Comments

  • dunstonh
    dunstonh Posts: 119,549 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Forget investing. You dont want that. Look at the savings guides for current rates on savings accounts.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • tulips
    tulips Posts: 55 Forumite
    Part of the Furniture
    The northern rock bond at 6.9 fixed is good for you i reckon, its a bond, jim, but not as you know it. See the other thread.
  • BenL
    BenL Posts: 3,189 Forumite
    Here is a link to Martins "Start Saving" account.

    http://www.moneysavingexpert.com/savings/which-saving-account

    It should guide you through the options.

    The articles are accessed using the coloured tabs at the top of the screen and are on a broad range of subjects.
    I beep for Robins - Beep Beep
    & Choo Choo for trains!!
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Cash ISAs up to their limit plus regular saver accounts. If one of you is not a tax payer then regular saver accounts should be in that person's name.
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    But 6k into cash ISA's for you and OH (3k each).

    The rest you can put into Index Linked Savings certificates (3 or 5yr), which are guaranteed by the treasury and tax-free.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • littleD
    littleD Posts: 108 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Thanks for the replies!

    I think I've got a plan together, what do you all think?

    Fill up both of our ISA for this years limit
    Then fill up both next years ISAs for that limit
    That puts 12k in a safe tax free place!

    Next open a regular saver I was thinking of Coventry BS - Family 1st (Benefit A/c) depositing £250 per month.

    Now I hit a stumbling block, I need an account to put the 8K that's left over from the original 20K, but I would like a safe place with some interest attached to it while its in there, any suggestions welcome
    thanks
    L
  • Aegis
    Aegis Posts: 5,695 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    littleD wrote: »
    Thanks for the replies!

    I think I've got a plan together, what do you all think?

    Fill up both of our ISA for this years limit
    Then fill up both next years ISAs for that limit
    That puts 12k in a safe tax free place!

    £13200 if you use the full £3600 cash limit that you'll have as of next year for you and your partner.

    There, now you only havew to find a home for £6800 ;)
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • Maybe Icesave for the remaining?

    Base rates are expected to drop over the next year or so, so you could use their fixed rate account for 6 months or a year if you wont need the money.

    Pays 6.76% (before tax).
  • Why hasnt anyone suggested he go into a maxi cash ISA?

    That way he could put £7k allowance in for one and 7K for next year right?

    Im a noob so if im wrong, correct me please???
  • Aegis
    Aegis Posts: 5,695 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Why hasnt anyone suggested he go into a maxi cash ISA?

    That way he could put £7k allowance in for one and 7K for next year right?

    Im a noob so if im wrong, correct me please???
    Because he'd have to use the stocks and shares portion of his ISA allowance to do that, and that doesn't meet the criterion of "no risk"
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
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