Am I making the most of my saved cash?

hyposmurf

I currently have been saving for a mortgage deposit as my salary isnt huge I need more deposit.Have about £11000 saved and anticipate to save another £9000 by next Oct 2006.I have accounts like a Halifax websaver (4.65% Gross p.a.), Halifax mini cash ISA(5.00% Gross p.a.) and other smal savings accounts like a bonus cash builder.
What other accounts are about that would eran me more money?The investment is only going to be for under a year but as it will be over £11000 Im thinking maybe Im limiting the interest I could be making on this.Should I get a Mxi ISA ?These are shared based investments arent they?I also have to limit my applicantions for new accounts as I will need to keep my credit history clean for my mortgage later.

jimclark1967

You're doing well by the sounds of it.

Halifax ISA is good at 5% make sure you use your full £3,000 allowance for 2005/6 and (after 6th April) 2006/7

Halifax websaver isn't bad but 5%+ is still possible, especially with a short term bonus rate. e.g. AA Telephone Bonus Savings 5.25% gross for 6 months.
http://www.theaa.com/savings/index.html

Regular savings accounts generally pay 7-10% on up to £250 a month for 1 year though it maybe too late to consider these if you need all the cash by next october.

It's probably not a good idea to go for a shares based maxi ISA if it's only for 10 months as the increased volatility could mean you lose money. For such a short timescale best to stick with cash based savings.

Also, as far as I know mortgage providers aren't going to be put off by multiple savings accounts appearing on a credit search (which they may well not) so no need to limit applications. Just stay away from too many new credit cards

Good luck with getting the mortgage! :xmassmile

JC

deemy2004

Leave it where it is since your aiming for less than a year before you use it i.e. in the websaver, cos you will lose 4 days out and 4 days bringing it back which is roughly equivalent to the extra interest that will be earned at say 5%. I.e. on £11k you would probably be about £20 better off... is it worth your time and effort for an extra £20 ?

hyposmurf

Your right thanks for highlighting that