Advice please - Savings Acc or ISA?

pittski

Hi everyone,

I'd be grateful if anyone could help me with a query. I'm looking to open some sort of a savings account which I will need to save up some money for 8 months. In August I will need to close the account as I am moving to Japan.

My initial deposit would be between £350-400, and from then I will be depositing approximately £500-600 each month.

I don't know much about ISAs etc, but I have seen some savings accounts which pay the interest annually after a 12 month maturity... whereas I will only be using the account for 8 months, so preferably one that pays a high interest monthly would be more what I was after.

You can probably tell I'm not too sure what I'm talking about (with regards to banking terms etc) which is why I'm coming to the MSE forum for help and advice.

Thank you!

Farway

Any would do you, cash ISA best as no tax to worry about

Ignore the yearly payment, you will find that it is acrued daily, but only paid annually, so if you close after 8 months you will get 8 months interest

Do watch out, just in case there is an annual bonus, as I suspect you would not get that


PS, watch out to for early close / withdrawal penalties, I think Abbey or A & L had one of these but could be wrong