Wanting to invest 10k but where's the best place to put it?

isofa

If you are going to go the Tesco route, wouldn't an Internet Saver be better at 6%? But beware it's a shockingly slow account to open, see the threads on this forum.

sloughflint

isofa wrote: »

If you are going to go the Tesco route, wouldn't an Internet Saver be better at 6%? But beware it's a shockingly slow account to open, see the threads on this forum.

I ought to make clear that I just quickly picked two accounts for the sake of making a numerical comparison for OP.

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/instantaccess/index.jsp
http://www.halifax.co.uk/isas/fixedrateisa.asp

edit:
Actually I thought I had picked the account that everyone was talking about back in June as allowing faster payments and advance SO and had maybe dropped to 4.5% after the rate cuts. But no, it's a completely different product it seems:

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/internetsaver/index.jsp
Looks as though the rate hasn't dropped like everywhere else though.....yet!
I'll recalculate above.

melissa'smoney

You guys are fab, thank you very much!! :beer:

xx

melissa'smoney

loaner wrote: »

Pay off your overdraft?

I won more than 10k! so i'm paying all my debts off (and spending some!) with that and saving 10k hence this thread!

:Dx

melissa'smoney

i've just done Deal or no Deal and had an amazing time!! :j

I'm on from mid January and my show is the 13th Feb if anyone fancies watching!!

x

Quietmanc

I'll be there-nice when it's someone you have a connection with(however small) Enjoy:j

melissa'smoney

hi all,

Rang my mortgage company today and can't pay off due to penalties, BUT, i took out £5000 as equity as 'home improvement' and this is at at higer rate than my 4% mortgage, it's at 5.85% and i didnt realise this. They have said i can pay this off in full which will reduce my monthly payments!

Should i do this VS saving?

Thanks xx

fullstop

melissa'smoney wrote: »

i've just done Deal or no Deal and had an amazing time!! :j

I'm on from mid January and my show is the 13th Feb if anyone fancies watching!!

x

Did you join Laura in the £250.000 club?

melissa'smoney

fullstop wrote: »

Did you join Laura in the £250.000 club?

Unfortunatley not, i gave it a good try though!! :silenced:

sloughflint

melissa'smoney wrote: »

hi all,

Rang my mortgage company today and can't pay off due to penalties, BUT, i took out £5000 as equity as 'home improvement' and this is at at higer rate than my 4% mortgage, it's at 5.85% and i didnt realise this. They have said i can pay this off in full which will reduce my monthly payments!

Should i do this VS saving?

Thanks xx

Yes pay the £5000 off. Think of that being like a tax free ISA paying 5.85% with a nice £5000 limit rather than £3600:D

To make you feel better about the lack of flexibility with your mortgage ( for future eventualities when savings rates no longer in your favour), your remaining £5000 if split £3500 drip fed into your RS and £1500 in a 5% ISA is equivalent to:
[500*0.8/7*(28*0.1+21*0.06)+1500*0.05]/ 5000 = 6.14%

I figured you probably would prefer to put £1500 in an ISA rather than your 6.5 (5.2% net) to keep the tax free status on it in future years after your good Halifax deal ends.