Any suggestions?

fozzylozzy

Hi,

I've been a lurker for a while now, but have bitten the bullet and registered! :T

My first query is about investing some money and I am really not sure where to start.

We have recently remortgaged and have an extra £35,000 for major home improvements. The money is not needed until late spring/early summer time next year. Just wondered whether anyone knows of a good instant access account (in case builder wants money before this time) with a good interest rate?

Not really sure where to start looking

Sorry if something similar has been posted recently.....

Thanks,

Louisa xx

dunstonh

With that timesecale its best not to invest the money. Risk is reduced over time and 8-10 months isnt really long enough. That being said if you accept the risk, you can do it you want. I pay my annual tax bill into investment funds over the months and draw it out every January to pay the tax man.

If risk isnt for you then scrub investing off the list and stick with savings accounts.

ManAtHome

As you'll be saving for a relatively short period, worth looking at accounts with introductory bonuses (they drop the rate after a few months). Investigate some of these http://www.moneyfacts.co.uk/savings/charts/savings_internet.htm - go for the highest rate with a six month or longer intro rate. You'll need to check that there are no restrictions on withdrawing cash - some only allow so many withdrawals per year.

Newbird

A&L offering 10%, see their website and Martin's info on it.

You dump money into it, they pay you 10% on closing. Its not instant access, if you withdraw money they close the account. Don't withdraw money - pay your builders when they've finished a satifactory job, or don't put all of the money in there, keep some for instant access. Halifax ISA 5% if you don't already have one, or A&L online saver pays 5.15%. HTH