Tips needed

[bloomingbonkerz]

currently have 75000 in a bank UK that is earning £135 per month interest (as this is mine and my partner’s retirement fund if we ever get to retire) just wondering am I best putting it somewhere else? Or are they all as naff as each other 🤦🏼‍♀️

Are your pension contributions maxed out?

£135 pm is a poor return on £75000, around 2.1%

You can put £20k each into cash ISAs per year. The best rate at the moment is Chip at 5.1%. So putting £40k in to accounts (1 for you, 1 for your husband maxed out at £20k) would give you £170pm tax free interest. I'd then be putting the £35k reminder into a higher paying savings account which is Chase at 5.1% until April when I'd put the rest into cash ISAs. You then be earning £381pm tax free (actually more becuase of the interest previously earned).

You’re earning just over 2.1% interest. Ulster Bank, Chase and Oxbury are paying over 5% interest at present on easy access accounts.
https://moneyfactscompare.co.uk/savings-accounts/
As a previous poster said, what about maxing out your pension contributions? That’s far more tax efficient. Then look at contributing the max into your ISAs.

Thank you will look into this

Sorry what does that mean maxed out?

max out - maximum amount paid in