£25,000

[Willabywallaby]

So I recently sold my flat I bought in 2000, we remortgaged it to buy our house/business and I was lucky enough to get about £25,000 after agents fees etc.

I am really financially clueless (I will get my tax return info to my accountant before next December this year ). So what's the best way to save it. I was thinking a cash ISA to start, but not sure of best options and can I transfer what I have in another into this new one?

So what to do with the rest. We are planning to turn more of our house into business and may need to get hold of this money for decorating at he end of the project, so not sure a year bond is suitable (my Dad tells me they don't do 3 month ones now...)

Anyway any help/advice would be gratefully received.

I could look after it for you?!

Other than that, what about a balanced fund?

What's a balanced fund?

Why don't you speak with a financial advisor? They can give advice on short term investment too.

We have a financial advisor but its always a hassle to get him to come over. And I glaze over after about 10 mins!

I know I should call him, but may only last 2 mins with no eye contact

Money supermarket.Or ask at your local bank.

It's a managed fund (you are one of many investors) and the money is spread over stocks, shares & other such things. You can choose which type of 'group' of funds you'd prefer to invest in (so heavy in mortgage finance or shares etc) but the fund is handled by a professional. Because the money is spread across so many places it's a much lower risk than just buying shares yourself.

When the shit hit the fan the BF my parents were in did dip and they didn't get any interest that year, but they never went below what they had in there the year before and it has since gone back. It would appear it was a well managed fund (with an element of luck).

Does that make sense?

Do any of your family or friends have a financial advisor that they trust?

x-post, sorry!

Why not email him - I find that easier most of the time.

If you have £25,000 you can put £5640 in a Cash ISA now and another £5760 in the same Cash ISA in April. Some let you transfer in, some don't. That leaves you with £13,600 and what you do with it rather depends on how quickly you're going to need it again. There are still a few straight savings accounts that offer a reasonable interest rate - taxed obviously.

Didn't the rules change recently so that financial advisors no longer get commissions from the pension/insurance/fund company, instead they charge a fee for advice?
If so I personally wouldn't bother with an IFA for a relatively small sum of money. Assuming you have no debt to pay off, then fill up your ISA and same again on 6 April, buy some premium bonds, and maybe put some in a fixed term 1yr interest

As I said we do have a financial advisor and we have normally paid for advice rather than percentage of investment etc, so he may not charge for a off the top of his head email.

As you have said "we" then remember you and oh each have an ISA allowance so if you wanted to then that would take up pretty much the full amount over this year and next.

Thanks for that MummytoKatie I honestly hadn't thought of that!... So just to decide which ISA...After we've paid the tax bill I do hope 'we' still have some left

this may be useful
www.moneysavingexpert.com/savings/savings-accounts-best-interest

Thanks, I'm going with the cash ISAs, like to keep it simple.