I've got £30k in savings I've currently sat in a 0.25% saving account so need to figure out what to do with this as it's slowly being wasted.
My thoughts are
Put all in 1.3% Marcus easy access saving now. I assume this isn't the same as the yearly £20k savings allowance you get? But just a normal, without penalty saving account that can change interest rate?
Open up a couple different regular savings, such as first direct and HSBC both offer 2.75% if paying in £300 per month which I'd have as a standing order, plus first direct offer a £100 joining bonus. Am I allowed more than 1 of these type of savings account, esp as first direct/HSBC are the same company?
Then once April hits I'd planned to get a new ISA and put £20k in there, but the savings rate seem to same as the marcus, but with the downside that taking money out comes with penalties.
Is there a better idea I can do with this money?
I don't intend to need it, and if I did, I'd imagine no more than £10k for a vehicle.
I should note that this £30k was saved from just a few months in summer last year and I expect to have the same again this summer, so all going to plan I'll have £60k by October, which is why I feel I definitely need to start making the most of the potential I can get from savings.
Do you have a mortgage?
I'm a big fan of offset mortgages as not only does it erase the interest on what is typically your largest debt it also acts as a place to have access to some emergency cash if it's ever required.