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    • Starling3
    • By Starling3 12th Jul 18, 1:43 PM
    • 4Posts
    • 0Thanks
    Starling3
    Where to put 50k in savings
    • #1
    • 12th Jul 18, 1:43 PM
    Where to put 50k in savings 12th Jul 18 at 1:43 PM
    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 itís our house renovations fund. Where is the best place to put this? And will we get taxed on it? Many thanks
Page 1
    • mije1983
    • By mije1983 12th Jul 18, 1:54 PM
    • 3,338 Posts
    • 19,263 Thanks
    mije1983
    • #2
    • 12th Jul 18, 1:54 PM
    • #2
    • 12th Jul 18, 1:54 PM
    Hubby and I are looking to put £50k into easy access account because we need access it as it's our house renovations fund.
    Originally posted by Starling3
    https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess


    And will we get taxed on it?
    Originally posted by Starling3
    https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#rule1




    What's the time frame for needing it? A month, 6 months, 2 years?

    • Paul_DNAP
    • By Paul_DNAP 12th Jul 18, 1:56 PM
    • 180 Posts
    • 201 Thanks
    Paul_DNAP
    • #3
    • 12th Jul 18, 1:56 PM
    • #3
    • 12th Jul 18, 1:56 PM
    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.)
    • Starling3
    • By Starling3 12th Jul 18, 2:36 PM
    • 4 Posts
    • 0 Thanks
    Starling3
    • #4
    • 12th Jul 18, 2:36 PM
    • #4
    • 12th Jul 18, 2:36 PM
    Thank your how many isas can one individual have? And whatís the maximum you can put in an ISA at the moment?
    • aj23
    • By aj23 12th Jul 18, 3:47 PM
    • 596 Posts
    • 206 Thanks
    aj23
    • #5
    • 12th Jul 18, 3:47 PM
    • #5
    • 12th Jul 18, 3:47 PM
    I'll look after it for you.
    • mije1983
    • By mije1983 12th Jul 18, 4:32 PM
    • 3,338 Posts
    • 19,263 Thanks
    mije1983
    • #6
    • 12th Jul 18, 4:32 PM
    • #6
    • 12th Jul 18, 4:32 PM
    Thank your how many isas can one individual have? And whatís the maximum you can put in an ISA at the moment?
    Originally posted by Starling3

    As many as you want. However, you can only subscribe (pay money into) one of each type each tax year. The current limit for new money is £20k per tax year.

    • 18cc
    • By 18cc 12th Jul 18, 4:34 PM
    • 590 Posts
    • 377 Thanks
    18cc
    • #7
    • 12th Jul 18, 4:34 PM
    • #7
    • 12th Jul 18, 4:34 PM
    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.
    • xylophone
    • By xylophone 12th Jul 18, 4:44 PM
    • 25,762 Posts
    • 15,222 Thanks
    xylophone
    • #8
    • 12th Jul 18, 4:44 PM
    • #8
    • 12th Jul 18, 4:44 PM
    http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

    https://www.moneysavingexpert.com/savings/best-cash-isa/
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