Simple advice for savings

[RUNAMOK]

Apologies for a rather basic and dull thread. I'm sure this is all covered in the forums and online...

I'm in the fortunate position of having a few hundred thousand pounds in cash sitting in some instant access savings accounts. I would say this money is earning an average of 0.5% interest. What basic steps could I take to potentially increase that return?

I am assuming I should invest in a stocks and shares ISA (I have £10k left of my ISA allowance this year, i only have a cash ISA). And then possibly invest in some funds?

I might need to buy a property relatively soon but I could lock away £50k at least, otherwise would want to keep the vast majority as easy access.

[colin79666]

If you have that sort of money defiantly check you are using your isa allowance but don’t confuse investing with saving. Investing has a chance of a higher return but it also risks loses. Don’t rush to invest but do consider it and how much risk you would be willing to take.

Do not stick more than £85k in a single institution.

Consider a few fixed rate savings accounts in your mix too.

Premium bonds are another option for £50k and handy as returns are tax free.

[Taita]

Post over in the Intelligent Money thread, even if you don't have any holdings with them, you should get some guidance

[alistair1234]

Yeah stick £50k in premium bonds and another in a partners name if you have one.

1% return on average with the chance to win a lot more and you can get the money back out in 2-3 days so pretty much instant access.

[xeny]

Two other things to keep in mind are that ISA allowances are use it or lose it, and once money is in a cash ISA you can if you desire transfer it to a S&S ISA at a later date without using any more ISA allowance.

Given where we are in the tax/ISA allowance year, I'd be tempted to put another £10,000 into a cash ISA so if you decide to later, you can move it into a S&S ISA without touching next year's ISA allowance.

[RUNAMOK]

Thanks for all the advice, appreciate it