What do i do with 20k????

Money_Grabber_2

Hi people, please can someone advise me please:

My partner has 20k that he wants to use for house improvments, maybe a car etc... So:

1. he needs to get access to it if needs be, but also given the current situation we are not rushing into making any big purchases etc....

2. Half of it could go into a account that could be left for 6mths or so

What should he do?

Cheers
Kel x

isofa

Provided he's already used his £3600 cash ISA allowance: (If not put 3600 straight away in a top rated cash ISA.)

10K into a 6 month or 1 year fixed term account.

10K into a high rate instant access account. (you've missed most of the good rates over the past month or so, rates are dropping rapidly.)

Top rated accounts listed here: http://www.moneyfacts.co.uk/savings/bestbuys/default.aspx

apt

Yet another case where the now closed Egg 6.3% account would have been ideal. If your partner has or is willing to open a Halifax current account and fund it with £1,000 then the Halifax Guaranteed Saver Reward at 6.0% is worth opening, but he'd have to do that quickly as the offer will close sometime this month. Also he should not put all the £20,000 in there as you are limited to 4 withrawals if you want to keep the 6% rate. Amongst the variable rate accounts the Yorkshire BS Internet Saver is a very consistent payer (currently 5.5% but will drop in early December) and comes with a Link card to withdraw up to £250 a day in cash.

Money_Grabber_2

Thanks i will pass the info on and tell him to move fast

isofa

The Tesco Internet Saver (instant access) is still currently at 6.5% gross, but it takes almost a month to fully set-up, no idea how long this rate will last either. See the other threads on this forum...

Baldur

isofa wrote: »

The Tesco Internet Saver (instant access) is still currently at 6.5% gross, but it takes almost a month to fully set-up, no idea how long this rate will last either. See the other threads on this forum...

See this post - http://forums.moneysavingexpert.com/showthread.html?p=15849491#post15849491