Savings accounts - best place for a lump sum?
Discussion
http://www.moneysupermarket.com/savings/ gives you the option of lump sums or regular savings.
If you want instant excess then up to £35k each person/partner is safe with http://www.kaupthingedge.co.uk/
Wings said:
If you want instant excess then up to £35k each person/partner is safe with http://www.kaupthingedge.co.uk/
I have started using them, very good and takes 2/3 days to set up and start using. bigandclever said:
Thanks.I'm busy today and haven't had chance too look in detail. I needed someone big and clever to save me some leg work.
Tax free ISA's (cash isa) totally risk free, next Premium bonds £30k per person totally risk free and for 40% tax rate payers its a good return and at the end of the day someone does win £1m pcm.
Following that - if you have an offset mortgage account put every penny in it, if you dont find out how much you can put in per annum without incurring early repayment charges so say your mortgage is 6.5% then for a higher rate tax payer overpaying your mortgage is like having a 10.83% risk free investment & for a 20% tax rate payer its a 8.125% risk free investment.
Next is SAYE - but thats not instant access (usually you hold for min 3 years and up to a max of 5 yrs)
Next (or before depending on your rating of these) is pension - say your a 40% tax payer and you want to put in £1000pcm then you only need to invest £600 the govt pays the £400 and likewise with the 20% tax payer £800 investment & the Govt pay in £200.
Next is shares/property (more risk) but your allowed £9.6k per annum capital gains allowence.
Next is ISA equity.
Following that - if you have an offset mortgage account put every penny in it, if you dont find out how much you can put in per annum without incurring early repayment charges so say your mortgage is 6.5% then for a higher rate tax payer overpaying your mortgage is like having a 10.83% risk free investment & for a 20% tax rate payer its a 8.125% risk free investment.
Next is SAYE - but thats not instant access (usually you hold for min 3 years and up to a max of 5 yrs)
Next (or before depending on your rating of these) is pension - say your a 40% tax payer and you want to put in £1000pcm then you only need to invest £600 the govt pays the £400 and likewise with the 20% tax payer £800 investment & the Govt pay in £200.
Next is shares/property (more risk) but your allowed £9.6k per annum capital gains allowence.
Next is ISA equity.
Welshbeef said:
Tax free ISA's (cash isa) totally risk free, next Premium bonds £30k per person totally risk free and for 40% tax rate payers its a good return and at the end of the day someone does win £1m pcm.
Following that - if you have an offset mortgage account put every penny in it, if you dont find out how much you can put in per annum without incurring early repayment charges so say your mortgage is 6.5% then for a higher rate tax payer overpaying your mortgage is like having a 10.83% risk free investment & for a 20% tax rate payer its a 8.125% risk free investment.
Next is SAYE - but thats not instant access (usually you hold for min 3 years and up to a max of 5 yrs)
Next (or before depending on your rating of these) is pension - say your a 40% tax payer and you want to put in £1000pcm then you only need to invest £600 the govt pays the £400 and likewise with the 20% tax payer £800 investment & the Govt pay in £200.
Next is shares/property (more risk) but your allowed £9.6k per annum capital gains allowence.
Next is ISA equity.
+1 Very good advice especially the offset mortgage over payment/s.Following that - if you have an offset mortgage account put every penny in it, if you dont find out how much you can put in per annum without incurring early repayment charges so say your mortgage is 6.5% then for a higher rate tax payer overpaying your mortgage is like having a 10.83% risk free investment & for a 20% tax rate payer its a 8.125% risk free investment.
Next is SAYE - but thats not instant access (usually you hold for min 3 years and up to a max of 5 yrs)
Next (or before depending on your rating of these) is pension - say your a 40% tax payer and you want to put in £1000pcm then you only need to invest £600 the govt pays the £400 and likewise with the 20% tax payer £800 investment & the Govt pay in £200.
Next is shares/property (more risk) but your allowed £9.6k per annum capital gains allowence.
Next is ISA equity.
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