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    • BBH123
    • By BBH123 13th Sep 17, 11:06 AM
    • 711Posts
    • 1,353Thanks
    Best place for regular savings
    • #1
    • 13th Sep 17, 11:06 AM
    Best place for regular savings 13th Sep 17 at 11:06 AM
    Hi Everyone

    I am looking to save approx 1000 a month over the next 5 yrs and as its not long enough for S & S ISA I was thinking a regular ISA , is this the best suggestion these days or as I am 52 is it worth maxing a pension to get some tax relief.

    I have a frozen final salary scheme which is available in 5 years and this gives me enough to live off but I am still working in a company that has a very poor pension provision.

    Which would be best ?
Page 1
    • ctdctd
    • By ctdctd 13th Sep 17, 11:35 AM
    • 882 Posts
    • 702 Thanks
    • #2
    • 13th Sep 17, 11:35 AM
    • #2
    • 13th Sep 17, 11:35 AM
    No risk option - make the most of high interest current accounts and regular saver accounts.
    Do Money Saving sites make you buy more bargains - and spend more money?
    • jimjames
    • By jimjames 13th Sep 17, 1:42 PM
    • 12,655 Posts
    • 11,324 Thanks
    • #3
    • 13th Sep 17, 1:42 PM
    • #3
    • 13th Sep 17, 1:42 PM
    A cash ISA would be pointless, regular savers & current accounts as mentioned already will give most interest.

    What happens in 5 years? Do you need to put all the money in the same place? You could use S&S ISAs for part/half of the money if you have no other investments and don't need to draw it all immediately in 5 years
    Remember the saying: if it looks too good to be true it almost certainly is.
    • xylophone
    • By xylophone 13th Sep 17, 2:04 PM
    • 25,761 Posts
    • 15,220 Thanks
    • #4
    • 13th Sep 17, 2:04 PM
    • #4
    • 13th Sep 17, 2:04 PM
    I suppose he might consider using a SIPP, holding cash and regarding the tax relief as "interest"?

    If he retired at age 57, (seems to be the plan) drawing down the SIPP could enable him to put off drawing his deferred DB (which could mean less or no actuarial reduction).
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