Discussion
It all depends on what you want or need the money for, and your current financial position.
If you have high interest debt or borrowing pay those off.
If you don’t need the cash at all then pay into your pension, assuming sufficient earnings.
If it’s short term then a high interest savings account, medium term maybe try premium bonds as wins are tax free.
If you have high interest debt or borrowing pay those off.
If you don’t need the cash at all then pay into your pension, assuming sufficient earnings.
If it’s short term then a high interest savings account, medium term maybe try premium bonds as wins are tax free.
Boo-urns said:
Difficult to say without further info. We really need to know the answers to these questions:
- What do you want to with it? best return for maybe 5 years (not sure)
- How long do you intend on keeping it before spending/using it? best return for maybe 5 years (not sure)
- What's your attitude to risk? id see myself as unlucky so not too high
- Have you maxed out your ISA allowance for the year? no
- Do you have an income? If so, are you a standard/higher rate tax payer? higher
If you pay tax at 40%, you pay tax on savings interest above £500. If you pay tax at 20%, it's £1,000. With this sort of money, if you're earning, you're probably going to be paying tax on some of your interest UNLESS you put it in a tax-free wrapper (ISA, Premium Bonds etc.)
The obvious place to put your money is in a cash ISA. You can put £20k in a year. No risk; guaranteed return. If you have a partner you can also split the money between the two of you, giving you a £40k pa allowance. Premium bonds are also an option if you've maxed out your ISA allowance.
Check out these: https://www.moneysavingexpert.com/savings/best-cas...
You can get better returns, but this means taking on some risk. If that's your bag, there are others on here with a far better idea of what to do with it than me.
- What do you want to with it? best return for maybe 5 years (not sure)
- How long do you intend on keeping it before spending/using it? best return for maybe 5 years (not sure)
- What's your attitude to risk? id see myself as unlucky so not too high
- Have you maxed out your ISA allowance for the year? no
- Do you have an income? If so, are you a standard/higher rate tax payer? higher
If you pay tax at 40%, you pay tax on savings interest above £500. If you pay tax at 20%, it's £1,000. With this sort of money, if you're earning, you're probably going to be paying tax on some of your interest UNLESS you put it in a tax-free wrapper (ISA, Premium Bonds etc.)
The obvious place to put your money is in a cash ISA. You can put £20k in a year. No risk; guaranteed return. If you have a partner you can also split the money between the two of you, giving you a £40k pa allowance. Premium bonds are also an option if you've maxed out your ISA allowance.
Check out these: https://www.moneysavingexpert.com/savings/best-cas...
You can get better returns, but this means taking on some risk. If that's your bag, there are others on here with a far better idea of what to do with it than me.
Mirinjawbro said:
hello
have some money coming my way soon and looking at putting in somewhere. 20-30k
there doesn't seem to be a clear answer of suggestions so wondering where you all would put it?
gold?
ISA
savings
NS&i?
anything else?
thankyou
UK personal finance flowchart is a good starthave some money coming my way soon and looking at putting in somewhere. 20-30k
there doesn't seem to be a clear answer of suggestions so wondering where you all would put it?
gold?
ISA
savings
NS&i?
anything else?
thankyou
https://ukpersonal.finance/flowchart/
Steve_H80 said:
Mirinjawbro said:
sorry haven't been clear enough.
no debt apart from mortgage
Pay off as much as your mortgage as you can with it, it's kinda silly earning 4% interest on savings if you're paying 6% on a mortgage.no debt apart from mortgage
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