Best place to put £5000?

bgscotty

Hi,

I have £5000 that I would like to save somewhere.

I don't need instant access to it.

Could anyone advise on where I could put it to get the best return?

Thank you.

Scott

Lokolo

How long would you be willing to tie it up for?

Are you a tax payer?

bgscotty

Hello.

I'm a tax payer and don't need access for at least a year.

thanks again.

whu

You could have a look at ISA's - there is lots of information on the site but basically you can invest £3600 into a cash ISA and £3600 into a stocks and shares ISA or all £7200 of it into a stocks and shares ISA in each financial year(I know you don't have that much at the moment)
The interest you make is tax free - so you could put £3600 into a cash ISA and then from April you could put the balance in and top it up if you can- remember that with a stocks and shares ISA the value could go up or down but if you fix the cash ISA you will get a fixed amount of return
Hope that helps

opinions4u

Halifax fixed rate ISA (I'd do this in branch Saturday as I think the rates are likely to vanish) is paying 5.25%. That's a place for your first £3,600.

They also do a 9 month fixed rate Web Saver at 6.00% or Web Saver Reward fixed at 5.00% which allows 4 withdrawals. Perhaps £900 in the 9 month account and the rest in the Reward account.

Same proviso that I think these rates will be short lived beyond this weekend.