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What to do with my bonus?

asked by Lucy Sandler posted 2 Years ago at 11:12
Hi there, i work in the city (please be kind i am a nice person) and have just really started to make good money. I got a bonus this year of around £50k & £25k in shares, although good at my job i am useless when it comes to my own finances. I'm not really sure what to do with it, where to put it, i will put as much into an ISA as possible but not sure what to do with the rest, the amount is being saved for the deposit on a mortgage hopefully within 24 months. Any help advice would be appreciated.
1-2 of 2 Answers
Carl Hope answered 2 Years ago at 12:00, last modified: 2 Years ago at 14:56
Hi Lucy, if you are saving for a property in the next year or so then really you can only look at short term deposits such as banks and building societies, Dependent on how long you can put your money away then the higher the rate you will get from the provider. Halifax are paying around the 2.85% gross mark at present as are the post office. As you are a higher rate tax payer you will pay 40% tax on your savings income. The other alternative would be to set up regular savings with several providers, some are paying up to 6& gross on regular savings up to a maximum of £250.00 per month. If your primary objective is to save in the short term then this is the safest way to achieve this.
Kind regards
Carl Hope Cert PFS CeMap
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Lucy Sandler answered 2 Years ago at 12:38, last modified: 2 Years ago at 14:56
Thanks a lot for your help Carl, i had a feeling that is the best i would be able to do in the short term.
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