Where should I invest £40k fixed or risk instant?

theAnarchist

Hi I have just opened two accounts.

ICICI fixed at 5.01% 12mths
ING 5% instant saver.

I am going to put the £40k into the ICICI account and let it mature for the duration.

To be honest i dont want to do this, but in the situation we are facing i cant afford to let my interest diminish.

I will use then use the ING account to put away money each month. Because the amount i want to save each month is over the £250 limit, I cant use any high regular saving accounts.

Do you think this is a good saving investment policy?

Although it means my money is commited for a year in the ICICI.

Thanks

lkmc01

I'll unsue about the ICICI 5.1% account as my OH is like 'if its not British I'm not interested' and the old phase of 'I've never heard of it before'

I was hen thinking about the n s and i's 1 year 4.2% account but as a non - tax payer I think I'll have to pay tax first and then claim it back or something like that which seems like alot of messing about.

:eek:

the n s and i's guaranteed growth bond, is it a savings account or an investment?

I am very confused about the tax on interest in this account.

I don't pay tax, but I think for this account I will have to - strange :eek:

I have rung them up and they say that for this account I have to pay tax and then claim it back.

Has anyone else done this?

Or has anyone registered for gross interest before their guaranteed growth bond closed?

If it is correct that I must be first charged tax and then claim it back, how do I claim it back and how long does it take?

Also why do I have to pay it in the first place.

theAnarchist

Sounds complicated. I think I will give that one a miss.

ICICI comes under the FSA though.