Under 20k savings, where to put it?

[Cindy34]

Confused about how taxes work on savings / investments.

Currently I have 20k spread around between ISA, Savings Accounts and an interest paying current account.

ISA has dropped rate yet again, so thinking it is time to move it. As it is a little over 10k, does it matter if it comes out of the ISA wrapper? Personal savings allowance (is it called that) now means that we don't pay tax on first £1000 of interest, so where is best to put money these days - chase the highest rate, or keep in ISA wrapper?

OP, I have a grand total of 5.5k in a S&S ISA, It's spread over 8 different funds, a mix of medium to high risk, income & accumulator. I opened it in June last year and it's now worth £283 more than I paid for the units - that's 5%
DH has over 10k in a cash ISA and got £110 interest on it last year.
When I said that you can get your money out easily, I meant that you can cash in your units in a day or two. I have had investments in the past where I needed to give weeks and weeks notice period and had no idea what I'd actually be getting when the money eventually arrived in my account. Obviously if we have another 2008-scenario and the markets all tank then yes, it will be hard to get your money out.
I look at my S&S ISA as a medium to long-term investment, it's currently doing better than cash in any savings account, and I can get at it quickly. If everything drops like a stone (as it could well do after Article 50 is triggered) I'll take a view on whether to move what's left or hang on in there.

Obviously if we have another 2008-scenario and the markets all tank then yes, it will be hard to get your money out.

No it won't be hard to get your money out, but half of it might not exist! If you can sit tight during such periods, all good. If you NEED that money, well you'll take a hit.

Everyone is an investment genius in a rising market.