got £12,000...best place to save?

[sparklygemster]

my OH has got £12,000 in a post office account which is getting virtually nothing in interest, so seeing as i come on here he wants me to try to find him somewhere he can put it that will give him better interest....he only wants to put it away for about year as its for a house deposit (first i knew but hey!) and if interest rates come up he doesnt want to be tied to something for too long...so.....anyone know the best place he can put it?

Thanks in advance :T

[D1zzy]

How about - lloyds vantage accounts £6000 in each will pay 4% with instant access. You need to put £1000 through each account each month (move £1000 from 1 to 2 then from 2 to 1)

[sparklygemster]

just to add, he has a bank account with HSBC, so anything where you will need to have an account with the place you are saving may not suitable

[londis_lagerhound]

Alliance and Leicester Premier Direct

Their current account pays 6% on anything up to £2,500, so you could have one of those each.

Put the full £2,500 in at the start and then you'll get the full benefit of the 6%.

You have to deposit another £500 each month, so just bung an extra £500 in one of them and move it between accounts and back every month.

Also, £50 Quidco can be had for opening each one, so that's effectively 2% tax free extra interest. With your full £5k deposited that brings the total interest after tax to 6.8%. Nice.

[giruzz]

Abbey has a 3.5% BOND for 12months if the balance is over 10k.

I wouldn't open one of the accounts suggested above just because it will be an hassle to keep moving every month plus the 6% interest rate is not for the full amount.

Rgds,

giruzz

[Blueberry Bee]

What about Nationwide's 1 year Guaranteed Savings Bond paying 4.00%?

Minimum investment is £3k, and I can't find anything to beat it, but it's not mentioned in the Top Fixed Rate Savings guide.

Is there something I've missed...?

[bloaty]

What about Nationwide's 1 year Guaranteed Savings Bond paying 4.00%?

Minimum investment is £3k, and I can't find anything to beat it, but it's not mentioned in the Top Fixed Rate Savings guide.

Is there something I've missed...?

Just checked their site and can't see 4% on any of their Bonds starting at £3k?

[Blueberry Bee]

It's listed here (sorry, can't post a link): Nationwide.co.uk -> Savings -> Show me all savings rates

... in the Bonds section, just after the 1 year Tracker Bonds.

[opinions4u]

Just checked their site and can't see 4% on any of their Bonds starting at £3k?Here's a linky (http://www.nationwide.co.uk/savings/bonds/guaranteedsavingsbond/introduction.htm).

I hate these things:

Guaranteed Savings Bond – a 1 year fixed rate when you open a 6 year Legal & General Capital Guaranteed Multi-Indexed Equity Bond (GEB)

[Blueberry Bee]

Ahhh! Stuff that, then!

[londis_lagerhound]

Abbey has a 3.5% BOND for 12months if the balance is over 10k.

I wouldn't open one of the accounts suggested above just because it will be an hassle to keep moving every month plus the 6% interest rate is not for the full amount.

Rgds,

giruzz

Hassle? 1 minute to move money from one account and back again.
Not for the full amount? Yes it bloody well is.

[JAG]

Abbey has a 3.5% BOND for 12months if the balance is over 10k.

The Derbyshire just launched new bonds with a 1 year at 3.75% £100+ balance. £30 more interest than the Abbey for £12000.

[zzzLazyDaisy]

Are you both up to date with this year's ISAs?

If so, have a look at this thread.........



http://forums.moneysavingexpert.com/showthread.html?t=1785113