Where to put 50k in savings
Options
Starling3
Posts: 4 Newbie
Excuse my ignorance when it comes to this topic. Hubby and I are looking to put £50k into easy access account because we need access it as it’s our house renovations fund. Where is the best place to put this? And will we get taxed on it? Many thanks
0
Comments
-
Hubby and I are looking to put £50k into easy access account because we need access it as it's our house renovations fund.
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccessAnd will we get taxed on it?
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#rule1
What's the time frame for needing it? A month, 6 months, 2 years?0 -
See the savers rates guide, at the moment the best rate for absolutely instant access cash savings is around 1.3%
You could earn more on it by pimping it around multiples of the higher rate current accounts, there are topics on that in the forums.
You might have to pay income tax on interest payments, it depends on your overall income and how much of your PSA you are using in other interest earned. If you're worried about taxation on the interest then you can put look into ISAs etc.(Although I could be wrong, I often am.)0 -
Thank your how many isas can one individual have? And what’s the maximum you can put in an ISA at the moment?0
-
I'll look after it for you.0
-
-
Interest on 50k at 1.3% will be less than the yearly allowance of £1000, so unless you have other savings you should not have to pay tax.0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards