13K to invest - were to put it...

[colinuk]

Where would you put 13K if you had it for a saving amount...

Been looking around but not that savy when it comes to working out rates of interest ect, and one got somewhere they are saving and works out ok?

Thinking ISA but been told can only put 3K a year into it...

TYIA

Colin

 

[rpstewart]

With that sort of amount you need to talk to an IFA, there are too many variables to give a simple answer and the best option will be dependent on your own financial postion (marginal tax rates etc) and what plans you have for the money in the future.

 

[mame]

you could put £3k in now and another £3.6k in april. Thats half of your total

 

[platypus]

Definitely invest £6,600 of it into an ISA by April, then seek some IFA advice for the rest.

 

[colinuk]

you could put £3k in now and another £3.6k in april. Thats half of your total

Can you put 3.6K in the year after? does it increase each year or have i misread this?

Good advice on the IFA, wish i thought of that before.

 

[platypus]

No, but this year the tax-free wrapper for cash is being increased to £3,600.

 

[Majago]

Can you put 3.6K in the year after? does it increase each year or have i misread this?

Good advice on the IFA, wish i thought of that before.

The current limit for investing in a cash ISA is £3k however that limit has been increased to £3.6k for next tax year (starting April 08). Chances are it will be £3.6k the year after as well (unless there's another chance in the rules).