Various savings in differnt accounts.

clueless_lad

Hello guys.
1st post so please be kind

I have Direct ISA with nsandi which is paying out 5.30% i currently have 8700 in there.
I have 2000 worth of premium bonds of my own but we also have about 500 each which 4 guys at work used to pay into as a small saving scheme.
Also have 500 in my savings account with the RBOS which prob aint even worth mentioning how low the interest rate is.

Its taken me many many years to pay off debts and finally got myself sorted. bar an old bank loan which i just pay 70 a month for. i think i have under 800 to pay.
Most of this money was left to me by my grandmother who sadly passed away a number of years ago and i want to make the most of it, and even though its alot of cash i dont really have the urge to do much with it as even though it is my money i still treat it as hers.

Can any1 recommend what i could do with the money. maybe move all into Kaupthing Edge savings or maybe fixed bonds.

work is good at the moment and have regular overtime payments which for the past few months have been paying about 200 per month into my isa, so i would like to add more cash quite regular when possible.

Any comments will be much appreciated.
Thanks

esbo

I have a online ISA with HSBC which pays 6.25% a whole % moe than yours.
(effectively 20% more interest) so they seem to making a few bob out of your money.

pumpndump

I get the impression from your posting that you are cautious by nature - nothing wrong with that, of course.

I would do nothing till the end of the fiscal year is approaching in March, then I would trawl around the banks and building societies to see if you can get a better rate from a reputable firm than NS & I is offering.

isofa

You could move your ISA into a better paying one, which accepts transfers, listed here.

Obviously use up the remainder of your £3600 yearly cash ISA allowance first, before doing anything else. This should always be the first port of call, as it's tax free.

The remainder of the money, you could either lock away into a good fixed rate account returning around 7% gross, or in a good instant access (such as Kaupthing) at 6.55%. All the top accounts, as I constantly post, listed at Moneyfacts.

clueless_lad

thanks guys for taking time to reply to my post.
decisions decisions on if i should cash in premium bonds for xtra interest to boost my isa to max for this year.

im thinking that i should pay off the loan and save the 70 quid in Kaupthing a month and top it up with my overtime..

pumpndump wrote: »

I get the impression from your posting that you are cautious by nature - nothing wrong with that, of course.

I would do nothing till the end of the fiscal year is approaching in March, then I would trawl around the banks and building societies to see if you can get a better rate from a reputable firm than NS & I is offering.

Yep, as i said previous i dont think of the cash as my money and want really whats best for my nans cash. Like many people on here i used to have big debts but managed to pay almost everything off, so i am quite cautious and think twice about any decisions

Just the dreaded mortgage now, but thats only £57000 with 17years left.
Maybe thats another option on what i could do with the xtra cash, maybe overpay.