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Savings - fixed or variable

fishhawks
fishhawks Posts: 269 Forumite
in Savings & investments
I have some money to save, and just confused by all the different products that are available. I dont think I will need any of the money for at least 6 months, should I go for a fixed rate or variable??

Very confused!
Waddle you do eh?

Comments

  • opinions4u
    opinions4u Posts: 19,411 Forumite
    A high paying 6 month fix, and then review it all on maturity.
  • Mikeyorks
    Mikeyorks Posts: 10,380 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    fishhawks wrote: »
    I dont think I will need any of the money ......

    First you need to sort out the uncertainty as to whether or not you will need it? If still dubious either go for variable or something like the Halifax 3 month fix. If you decide you can tie it up - go for a 6 month fix.
    If you want to test the depth of the water .........don't use both feet !
  • LongTermLurker
    LongTermLurker Posts: 1,998 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Agree with Mike - Instant Access first, ISA second (if taxpayer) and Fixed Term Deposit after that.

    You can skip the instant access stage if you choose a term deposit which is breakable, as you then have the best of both worlds - encouragement to leave it alone and get more interest, along with availability.
    You've never seen me, but I've been here all along - watching and learning...:cool:
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