Where to invest £12k?

[Shoegal30]

I have been given £12k by my mum who wants me to invest. This money is what she has accumulated from years of ISA savings.

Me and DH already have savings and are planning to use these on a buy to let property.

As I wasn't expecting this money from my mum I want to keep this separate from my other savings.

Can anybody advise what I should do? I don't currently have an ISA and am considering putting some of this money into one but I am aware I will only be able to put in a max of £5700?

[JeanSeberg]

You can invest up to £11,520 in the current tax year in a stocks and shares ISA and £5,760 in a cash ISA.

So if you decided to go for the cash ISA you could invest £5,760 now and the same after 5 April.

Have a look at moneysupermarket.com.

[Shoegal30]

Thanks for the response Jean.

I will prob stay away from the stocks and shares due to lack of knowledge.

In regards to the cash ISA, does that mean I can deposit £5760 before April and a further £5769 in April?

[JeanSeberg]

Yes that's right, you can deposit £5760 before 5 April this year and the same amount the day after.

Looking at moneysupermarket, the best rate is 1.5% on cash ISAs with high street banks such as NatWest and RBS.

Alternatively, have you considered changing your bank to Santander?

You would get 3% interest on balances between £3000 and £20,000 if you transferred the £12k into a current account with them and used it as your main bank account. Plus you get cashback on utility bills and certain direct debits.

[filingdrivesmemad]

www.fool.co.uk/investing-basics/getting-started-in-investing/
monevator.com/invest-when-you%E2%80%99ve-got-no-money/