where to put 20k 31 January 2008 at 12:30PM edited 30 November -1 at 1:00AM in Savings & Investments 19 replies 2.2K views

littleD

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

dunstonh

Forget investing. You dont want that. Look at the savings guides for current rates on savings accounts.

tulips

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

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.

jamesd

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

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.

littleD

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

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

firsttimetom

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).

sho_me_da_money

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

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???

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"