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Denise

Wondered if anyone can give me any advice - have never had savings before so haven't a clue what to do with the proceeds while I'm off gallavanting!

I'd probably want to have the interest paid into my bank account monthly, a bit put in an ordinary account so I could get it immediately for emergencies, and the rest in some sort of high interest account where I could get my hands on it with a couple of weeks or so notice when I need to. I'm hoping to buy a small house/static/mobile home within the next year so I need the money to be safe.

I'm not a gambler and wouldn't want anything risky.

I've got a basic mistrust of 'independent' financial advisors as I'm sure they're just after the commission (sorry to any FAs who might be looking in! Wink

) and the Abbey (who my mortgage is with) will obviously want me to have one of their accounts.
And I've got no-one else to ask Confused

Thanks

HelenB · Moderator

Have a look and search on http://www.moneysavingexpert.com he has no connections with any bank etc and does have some very good ideas Wink

Denise

Thanks Helen, have bookmarked it Smile

Raine

HI,Denise, yep we had the same thoughts about 'independant' peeps, we've got a bit for our youngest, was not impressed with most stuff that was about, we only want it held till he's 21 or so (depending on when he grows up enough if you know what i mean! and i really do not mean that nastily!we have to be wise for our kids-like my parents were for me!) So we bunged it into Premium Bonds and have already one (2) fiftys which is more than we would have got in interest, and thats just this year!!! also it will have to come out, i have a bond that has been in for donkeys years, and really i should move it now, or get another bond -the new ones seem to come up quicker, so it gets left, but this amount WILL come out! Raine

stella2

yes, premium bonds are a good bet- each of you can have up to £30,000; all winnings are tax free & you can get it out at reasonably short notice.

Denise

I'd never thought of premium bonds, might be worth putting some of it there. Thanks Smile

peejay · Campsite DB Admin

Denise,

have a look at

gelathae

In order to minimise tax I suggest that each year you take out a mini cash ISA. This is in effect a Building Society Account which pays interest tax free. You can invest up to £3000per annum although this will be reduced to £1000 from next year.

In order to calculate best savings rates go to :

Anonymous

Generally the more risky your investment the more you'll make over the very long run at the cost of anxiety. Interest rates seem to be rising, so a high interest account as suggest above isn't a bad idea.

Make sure you use all the government tax breaks like ISAs and premium bonds as discussed above. Unfortunatelythe best tax-free investment you'll ever have is the one you've just sold, your Principle Private Residence. Don't feel bad though, I've done exactly the same thing and if property prices do 'correct' then we can feel smug that we haven't made a tax-free loss Wink

Raine

hey pjay, that inqdirect looks pretty good i shall check it out, there was nothing anywhere near that when we were looking, not without some hiccups or such likes!