Best place to put 50000 pounds

by , 3 months agoOpen Question

Answers (2)

Not in a current account.
Depends on how long you wish to save the money for.
If you are going to need access to it on a regular basis then look at an instant access account from someone like Santander who will pay you around 3% interest.
If you can afford to save it, or a portion of it, for a longer period then look at a 1year or longer savings account which will earn you more interest.

by Bonz1957, 3 months ago

I assume that as you're looking at current accounts that you will require instant access, you can check accounts out here www.money.co.uk/savings-accounts/instant-access-savings.htm. Some savings accounts come with a cashpoint card so that you can withdraw money as and when required. To be honest, interest rates aren't fantastic, but it will be more than you'll get in a current account.

I do wonder though if you will need instant access to all of it, or if you could divide it into some term savings or bonds, and a cash ISA if you haven't used your allowance this year.

If you can give us some more detail we'll try to give more help

by Jazzj, 3 months ago

Posts within the money.co.uk community represent the views, experiences and opinions of members only. They should not be taken as financial advice and should not be followed without further research.

Get our free money saving newsletter
Join over 480,000 other subscribers who grab our expert money tips, unmissable money guides & hottest bargains each week in our special email...

More Questions for Current Accounts

Open Questions
Closed Questions
Join Our Community

Get fast answers to your money questions, Expert insight, top tips & much more...