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As per my thread a while ago, I've been accepted for voluntary exit from work, which will give me 6 months wages (untaxed) plus another 4 weeks taxed in lieu of leave.
Now whilst I'd like to blow it all on a stupid car, a new bike and a trip to the Alps what I'm actually going to do is put it into a savings account as a deposit for our next house.
So - can anyone suggest the best way to do this? I won't need access until we come to buy the next house, which will be this time next year at the earliest (we have another fairly healthy savings account for emergencies) so something with a bit of interest would be good.
I've never really had much by the way of savings before, so this is all new to me.
This site is has a pretty good calculator for juggling / optimising interest rates with current UK banks and worth a look / play about with. I would (personally) stay away from peer to peer lending tho.
https://www.bankaccountsavings.co.uk/calculator
If you want to keep it in cash, which you should, just Google 'best savings interest rates'. 'Best' being a subjective word, they'll range from minimal to miniscule.
Or, stick it in Premium Bonds. Safe, no interest but could return a decent prize.
C&H
With interest rates so low at present I'd go with the premium bonds suggestion, not going to cost you much in lost interest and you never know.
Or pay down the current mortgage? Less to move over when you move house but less easily accessible if you do need it again.
Cheers all.
Just realised I can get a Help to Buy ISA with some of it too - Mrs Monkey owns this house, so I'm technically a new buyer.
Actually paying down on the current mortgage is not a bad idea, would make a fair dent in it. Plus if the economy tanks the less we have in the mortgage the better, right?
What I did was open a Vanguard S&S ISA and put it into LifeStrategy 80.
My rate of return has been 8.73% since just before xmas.
Paying off debts which accrue interest is a good idea ie. mortgage, credit cards, etc.
Another vote for Vanguard.
Worth reading here though:
https://www.vanguardinvestor.co.uk/investing-explained/what-are-lifestrategy-funds
Yes, pay off loans that charge significant interest, have a nice holiday then the rest in Premium bonds so you can enjoy the frisson on the 2nd of the month as you check the prize history.
Risk some of it on Bitcoin
Air cooled Porsche. (Depending on how much a 'few' is, may also need a 'bit' of a top up...)
If you lock away the money for several months have a look at Paragon or Shawbrook fixed term accounts. All these best deals are on Money saving expert , and are backed by FCSC , I have a paragon 9 month fixed term account.
Best option , in my opinion, as it's shortish term and you need very low risk go for a cash savings account.
You will get, albeit very small, a guaranteed return.
Check for best rates on money saving expert great source of info.
Defo an aircooler porsche, no brainer