£100k savings- WWYD?

[allthegearnoidea12]

I am nearing 100k of savings, all sat in my current account. This is not a stealth brag!

Clearly I need to hold some back for a faint day. And we need a new car, c£15k allocated to that. But otherwise WWYD with it?

First thing you should do is is get it out of your current account and into a savings platform.

www.which.co.uk/money/savings-and-isas/savings-accounts/what-is-a-savings-platform-ah9112x13r8n

you set up one account then can funnel the cash into different savings accounts. Interest rates are set to rise to 3-4% and fixed rate savings are already reflecting that. But you will get better short term rates in a savings platform than your current account.

Ten per cent to charity

Get off Mumsnet and pay a proper financial advisor?

Why do you need that amount in savings?how are you not enjoying your hard earned money. My friend had similar amount if not more saved up, lived frugally. She has just been diagnosed with cancer with 7 months to live. She now says she should have spent her money

Get 20k into stocks and share isa before April end of tax year, put another 20K in after April.
Invest 20k in high interest account or bonds account with fixed return.
Put some into pensions.
If you employer matches your contributions then see about increasing from your salary now you have a good nest egg built up.
Personally I think you should get some sound professional financial planning advice.

Time Horizon and risk profile are important to know.
Investments in the stock market such as a global index fund really ought to have 10 years + to weather all the ups and downs.

What is the best way to go about this?

@Ishouldbeoutside gold coins ideally Britannia as tax free

This is a reputable company

https://www.bullionbypost.co.uk/gold-coins/?gclid=CjwKCAjw_ihBhADEiwAXEazJpJ7N9CLmOos7e55O9ML68nXEcfnVlLJ-fJ1JMwVeMiJlRJHuQdVhoCpX8QAvDDBwE

I have 20k in fixed ISA at 4%. 20k in stocks and shares (not making anything but it will if left alone for years it should be about 8-10% interest!). 20k in an emergency fund none fixed ISA. I have a further 20k in an annual fixed savings account which I will switch about once the markets improve but for now it's on 4% interest rate and staying put.

I also have a savings account which I add in anything left over at the end of the month or use it to move money as I need it. Once I get a few thousand in I move it into a longer term account if not spending it on house, holiday, car etc.

My DH has a similar system but he uses a stocks and shares ISA for monthly savings. The problem with this is the markets aren't good enough at the moment but when it does come back up he has funds which will benefit from the initial increase which nobody knows when will happen but he won't miss out on the increase.

I have considered property but a bit unsure as it's unstable at the moment and prices aren't moving where I am.

Split it up to spread the risk OP. Tracker funds across global markets are an easy way to invest long-term(10+ years) but don't put it all in this and accept it will go down and up but just leave it.

Personally I'd not be going premium bonds because it's not a guaranteed income. Gold is stable in times of depression but not interest indexed so you're waiting for markets to go up to benefit. Again good for a bit of your money but not all of it.

If you have some of it invested in market shares when the upturn happens (and it will) money makes money and it's this that can build your funds over years. You siphon off the increase for reinvestment over the many years and build your portfolio reinvesting this increase.

Watch for fees! Choose a fund where fees aren't too high and again spread your risk.

Gold if used at all should only be 5-10% of a portfolio of assets as it has very long periods of underperforming. It can help diversity a your portfolio as it tends to have little correlation with stocks and bonds and even other commodities.
It's a wasting asset, so it actually costs money to store it securely, say in a vault, pays no income so tends to lose out when treasury bonds have a decent yield.
Also check the difference between buying a new gold Britannia and selling one, last time I did there was a big spread in selling.

I agree this is the best advice on the post so far.
Without looking at your entire personal and financial situation all advise would be different. You have multiple options available to you and should seek advise based on the amount that you have to invest to make that money work the best for you and your situation. Each individuals needs are different with multiple factors to consider if you would like I may be able to help you moving forward or just give you some more information as I am an IFA myself.

Good luck and if you choose to invest this yourself please make sure you do your research.

I have funds to invest and need to find a good IFA. I am really not sure how to go about finding one. My mother was advised to invest some money in a scam by a FA years ago. She lost it all and the FA just disappeared.

If you're likely to stay in the same house a while (and you own it), consider £10-15k on solar & battery. I can only see energy prices remaining high for the next 20 years as we won't have the capacity for all the electric cars as well as homes. I'd suggest worth it if staying 3-5 years, as having this will instantly add the same value to the property anyway as folk are so cost conscious now.

@Ishouldbeoutside Most people do not need financial advice until they are close to retirement. They just need a pension, and a Stocks and Shares ISA, and be paying in to those automatically every month and increasing the amount paid in every now and then.
You may feel that choosing funds within a pension or Stocks & Shares ISA is complicated but it need not be. A simple global index fund will buy the whole market and thus get an average market return. It's boring but you don't need exciting investments, which come with high risk.

If you decide to pay someone to do things for you, then shop around and aim to pay for the advice, and have the option of self managing it once setup.

Have a listen to this, which is about finding advice: meaningfulmoney.tv/2021/05/04/the-financial-advice-checklist/