£6000 to save

greencode

I have £6000 after selling my car that I would like to put in as higher interest account as possible - the thing is I have no idea whether I will need access to that £6k within the next 12 months - more than likely I will. So I can't really have a fixed term account - just in case.

Therefore after a bit of looking around on this site I'm thinking the best option would be the www.kaupthingedge.co.uk Savings Account at 6.55%. I therefore wouldn't get penalised if I were to withdraw a certain amount each month and there's also no long term tie-ins.

How does this sound? Any thoughts would be much appreciated.

King_Weasel

Looks ok. Check this site for best instant access rates.

The only thing that would beat it - if you are a taxpayer - is an instant access cash ISA for £3600. Again, check here for the best rates.

The ISA would be better (no tax on interest) if and only if you do not expect to have further savings in this tax year (to April 5 2009) as, once withdrawn, you can't replace the cash in the ISA. But it you don't expect to have it anyway, you might as well go for the ISA even for the short-term.