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Investing £5000

Have £5000 sitting in my bank account.:beer:
What would be the best way for it to make some money for me?

Already have an Isa so thats out

I wont need to make any withdrawals so it could go somewhere that did not allow withdrawals for a few years.

Not very saving savvy,some suggestions please:confused:

Picked up details of this yesterday
http://www.nationwide.co.uk/investments/guaranteed-equity-bond/

Comments

  • Primrose
    Primrose Posts: 10,721 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've been Money Tipped!
    If I were in your position I'd look around for an instant access account which pays a good rate of interest and deposit the money there. And next April, if I was a taxpayer, I'd withdraw £3600 of it and take out another Cash ISA for the tax year 2008-9. No point in paying tax on any of your savings if you can avoid it. Regular saver accounts are normally accounts whereby you save a specific amount every month, so no necessarily suitable for one-off deposits.
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