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  • FIRST POST
    CrazyHorseB
    50k to save for 6 months
    • #1
    • 14th Nov 12, 12:22 PM
    50k to save for 6 months 14th Nov 12 at 12:22 PM
    I'm switching mortgage deals to the Tesco 2yr fixed at 1.99% and will be borrowing an additional 50k as part of the remortgage for a house extension we intend doing next year. Where/how should I invest it for 6 months?

    Most of my ISA allowance is full (I could squeeze a few thousand in).

    I obvously need fairly instant access and no bonus deals because I'll want it in 6 months.

    I don't mind splitting it up a bit e.g. I could spread 15k into 3 Lloyds Vantage accounts at 3% + a Santader 123.

    The best other savings accounts seem to be 2.4-2.5% (which is more than the 1.99% I'm paying on the mortgage anyway). Is there anything i'm not thinking of?
Page 1
    • badger09
    • By badger09 14th Nov 12, 12:36 PM
    • 3,782 Posts
    • 3,071 Thanks
    badger09
    • #2
    • 14th Nov 12, 12:36 PM
    • #2
    • 14th Nov 12, 12:36 PM
    I'm switching mortgage deals to the Tesco 2yr fixed at 1.99% and will be borrowing an additional 50k as part of the remortgage for a house extension we intend doing next year. Where/how should I invest it for 6 months?

    Most of my ISA allowance is full (I could squeeze a few thousand in).

    I obvously need fairly instant access and no bonus deals because I'll want it in 6 months.

    I don't mind splitting it up a bit e.g. I could spread 15k into 3 Lloyds Vantage accounts at 3% + a Santader 123.

    The best other savings accounts seem to be 2.4-2.5% (which is more than the 1.99% I'm paying on the mortgage anyway). Is there anything i'm not thinking of?
    Originally posted by CrazyHorseB

    6 months is too short to invest. In addition to Lloyds & Santander as above, you could open the best instant access account you can find and drip feed into several Regular Savers -see the link at the top of the page. There's also the Halifax Reward current account ( I think that's the right name) which pays 5 a month for cycling 1000 through it.

    Yes - you're missing the fact that the 2.4 - 2.5% is before tax - unless you're a non taxpayer of course
  • CrazyHorseB
    • #3
    • 14th Nov 12, 12:49 PM
    • #3
    • 14th Nov 12, 12:49 PM
    My wife doesn't work (... sorry works really hard looking after house and ankle biters, but doesn't get paid!). So interest isn't a problem.

    I also worded it badly - I didn't really mean "invest", more "put somewhere".
    • badger09
    • By badger09 14th Nov 12, 3:50 PM
    • 3,782 Posts
    • 3,071 Thanks
    badger09
    • #4
    • 14th Nov 12, 3:50 PM
    • #4
    • 14th Nov 12, 3:50 PM
    My wife doesn't work (... sorry works really hard looking after house and ankle biters, but doesn't get paid!). So interest isn't a problem.
    Originally posted by CrazyHorseB
    Phew, well recovered there In that case, it makes sense to put the taxable savings accounts in her name (as long as you trust her not to run off with it ) and register for gross interest.


    I also worded it badly - I didn't really mean "invest", more "put somewhere".
    Originally posted by CrazyHorseB
    I wasn't being picky and thought you knew the difference, but many posters don't and it doesn't hurt to reinforce the message.

    Good luck
    • psychic teabag
    • By psychic teabag 14th Nov 12, 4:43 PM
    • 2,439 Posts
    • 1,454 Thanks
    psychic teabag
    • #5
    • 14th Nov 12, 4:43 PM
    • #5
    • 14th Nov 12, 4:43 PM
    Has your wife used her ISA allowance ? Even though she doesn't pay tax, you could still put 5k in her name into, say, a Coventry 60-day-notice ISA @ 3.25%

    Need to be a bit careful with reg savers : often they don't allow access before they mature, which doesn't really fit your 6-month access requirement.
    • calypso rhapsody
    • By calypso rhapsody 14th Nov 12, 5:06 PM
    • 557 Posts
    • 264 Thanks
    calypso rhapsody
    • #6
    • 14th Nov 12, 5:06 PM
    • #6
    • 14th Nov 12, 5:06 PM
    Don't dismiss bonus accounts because of your 6 month horizon - many will pay the bonus provided you keep the account open with the minimum balance for the 12 months.
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