Best place to put savings?

masonsmum

Hi

I am looking for some advice on behalf of my parents.

My dad has just reached 50 and had a pension with Abbey Life which entitled him to a lump sum at 50 and a monthly pension. This lump sum of just over £10K has now been paid to him and he will also be receiving a monthly pension of approx £120

They would like to know where to put this money however they do not want an instant access account but do want to be able to get into it in a couple of years as it will be their silver wedding in 2010 and they want to go a cruise so want the money to mount up until then.

Any advice would be great, thanks in advance

masonsmum

Please anyone got any advice ??

opinions4u

masonsmum wrote: »

Hi

I am looking for some advice on behalf of my parents.

My dad has just reached 50 and had a pension with Abbey Life which entitled him to a lump sum at 50 and a monthly pension. This lump sum of just over £10K has now been paid to him and he will also be receiving a monthly pension of approx £120

They would like to know where to put this money however they do not want an instant access account but do want to be able to get into it in a couple of years as it will be their silver wedding in 2010 and they want to go a cruise so want the money to mount up until then.

Any advice would be great, thanks in advance

ICICI 7.2% for 1 yr
Kaupthing Edge 7.15% for 1 yr
Post Office 7.05% for 1 yr
Bradford & Bingley 6.7% for 1 yr

What about using ISA allowances? The first £3,600 at 6.25% with HSBC or Barclays may be better, if he pays tax. Put the second £3,600 in Mum's name?

alanq

The Post Office Bond has closed. New one available from next month. (%?)
http://www.postoffice.co.uk/

System

Have a look here http://www.moneyfacts.co.uk/bestbuys/default.aspx.