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Lump sum - where to put it?
Nicole_2
Posts: 7 Forumite
I have 10 000 which I want to use in 6 months time to pay off some of my mortgage when I re-mortgage in Jan 2006. Where is the best place to put this money for 6 months? In a 120 day notice account or something else?
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Comments
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Northern Rock online tracker, first 6 months 5.41%, drops to 4.75% after six months.0
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Certainly wouldnt invest it if its only 6 months. A deposit based account is certainly going to the best option and there will be raft of options posted from the regs.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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I doubt that you will find something better than Northern Rock for 6 months. :think:dunstonh wrote:Certainly wouldnt invest it if its only 6 months. A deposit based account is certainly going to the best option and there will be raft of options posted from the regs.0 -
LOL! Everyone is misinterpreting each other.
Grumbler - I think dunstonh was meaning he wouldn't invest it in a stockmarket based account. I think dunstonh may have misinterpreted the NR tracker to mean the normal sense of the word (i.e. tracks the FTSE 100 or some other index). The NR account tracks the BoE Base Rate in case you misunderstood dunstonh.grumbler wrote:I doubt that you will find something better than Northern Rock for 6 months. :think:0 -
Thanks for this - will look into that, don't want the money to make absolutely no interest over the 6 months and this deal looks good.0
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I was of course referring to "invest" which usually means you dont include deposit based products. In this case, deposit based products would be appropriate.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Hi Nicole, did you go for the Northern Rock tracker? Could you apply online easily?
I'm having great difficulty with it.0 -
No, have not looked into it yet... Have been without internet access for a few days!!0
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Managed to set up account eventually - their software is painfully slow. After setting up was unable to get into account but helpdesk said I needed to leave it overnight. Hopefully all will be fine tomorrow.0
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