50,000 & 6 Months

truckid

My situation is that I have £50,000 to invest, it will eventually be used towards buying a house. The way the market is going, I could see myself waiting until the end of the year, probably earliest around September, but definitely not for the next 6 months. A 1 year fixed bond is too long, especially with the penlites if I withdraw early, so looking for a 6 month one.



I have had a bad experience with the Nationwide, and their 6 month ebond, applied just before Christmas but have had to jump through so many hoops, its unbelievable. Apply for current account,wait until confirmed, apply for online banking, wait for passcode, apply for ebond, wait for confirmation, transfer funds. In the end the rate has now dropped to 3.38 instead of 4 and my ebond is still not open. I vow to never go near Nationwide again


I would appreciate any advice on what my other options are. I would like to invest put my money in a UK financial institution, covered by the FSA guarantee. It also has to be fairly easy to open and not take so long to open that rates will have fallen again.



The Norwich & Peterborough 6 month bond seems good @ 3.85%, the problem is that I cant get into a branch, and it will take too long to get my documents verified by a lawyer/doctor etc and then sent off. Would anyone have any other suggestions ?


Thanks

isofa

I assume you mean save the money and have it covered by the FSCS, rather than invest.

Best rates are listed here: http://www.moneyfacts.co.uk/money/savings/1/short-term-fixed-rate-bonds.aspx