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where to put 20k
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littleD
Posts: 108 Forumite


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
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
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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.0
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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.0
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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!!0 -
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.0
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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:0 -
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
L0 -
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 £6800I 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.0 -
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).0 -
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???0 -
sho_me_da_money wrote: »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???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.0
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