£3000 to invest for a year+

jono-gmail

im looking for a savings account to invest £3000 in to for a year+ i wont be withdrawing any in that time but would prefer it if it was fixed rate and was a high street bank or BS i could set up over the counter , the best ive found is alliance and leicester 1 year fixed rate account at 6.50% but says the interest is yearly or monthly not sure whether that means they pay you your interest at the end of the month or end of the year!!
thanks for any replys

Baldur

jono-gmail wrote: »

... but says the interest is yearly or monthly not sure whether that means they pay you your interest at the end of the month or end of the year!

B&B are doing a 1 year Fixed Rate Bond at 6.70% (the 6.50% rate is for a 6 month account).

Monthly or annual interest just means that you can opt to have your interest paid either monthly or annually.

isofa

It seems you mean saving not investing.

Have you used your yearly ISA allowance?

If not, you can put £3600 into a good Cash ISA and get tax free interest. Best current cash ISAs listed here at Moneyfacts.

Most accounts that have the option to pay interest monthly, just add it monthly to the balance rather than paying it out elsewhere (a few accounts allow interest to be paid out to a different account, but this isn't the norm). Annual interest is paid once a year. Both interest figures are calculated on a day basis on the balance in the account each day.

halight

Id put it in a good cash isa or a good bond.

whu

I would consider a cash ISA as mentioned by others above

jono-gmail

thanks for the replys, ive already put in my maximum for an isa, so was just looking for a savings account

john.xs

the b+b 6.7 %ended todaythey now offer 6%

jono-gmail

gutted , was going to go down tomorrow to get that . Does anyone now of the next best ?

Baldur

jono-gmail wrote: »

gutted , was going to go down tomorrow to get that . Does anyone now of the next best ?

See http://www.moneyfacts.co.uk/savings/bestbuys/short-term-fixed-rate-bonds.aspx
and, for longer than one year
http://www.moneyfacts.co.uk/savings/bestbuys/long-term-fixed-rate-bonds.aspx

Skiergirl

The B & B 1 year bond is still on their website at 6.7 % - would they have to honour this rate ?