Small Savings

Auramystic

Hi I am new to the Forum but have read Martins Tips for ages. My question is a very simple one - my husband and I have just received a cheque of £5,000 from a relative as a gift. We want to put it somewhere away from our bank and building society accounts and be able to withdraw when necessary and in both our names. Not sure where would be best or whether to just open another building society account. Anyone offer advice pleas? BTW I am self employed and my husband is retired although not receiving a pension or any benefits. Thank You!

opinions4u

Have you used you ISA allowances for this tax year?

You could put £3,600 each in to an ISA (or £2,500 each for a £5,000 cheque!) and earn interest tax free.

Check out a comparison site like www.moneysupermarket.com/savings to compare rates.

You may prefer to have one of the ISAs as an easy access account, and make one a higher rate account with less access.

Nat West, Birmingham Midshires and Egg are all offering over 6% at the moment.

Auramystic

Thank you very much for your quick response! will look into this.