Savings

I’ve got £3,000 and want to save it for 2 years. Where shall I put my money?

It’s great that you know how long you want to lock this money away for. You can take advantage of fixed-term saving accounts that offer higher interest payments than an easy-access account. Here's a list of the best paying fixed-term saving accounts

Big red flag: If you are already earning interest from savings outside of your ISA account, make sure you stay within your Personal Saving Allowance (PSA). If you go over your PSA you have to pay tax on any interest earnings which is a big loss! If you are at your PSA limit then search for a 2-Year fixed-rate Cash ISA, because earnings made inside an ISA are tax free.

This is not professional advice! If you need some of that speak with a financial adviser. 

 

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