Help im going nuts, ive lost the plot !!!!!

essex08

Hi folks, heres the deal - Next week i have a Term Deposit that matures (£50,000) needless to say the interest gained has been poor blah blah, im not going to mention the bank (although "Term Deposit" gives it away) but i want out !!! :mad:
I want to put this £50'000 away somewhere BUT i dont want to lock it up for years not even a year, i want the chance to access it atleast 6-9 months down the line and at no risk.
Ive been to various banks/ Builds over the last week and now im going round in circles. Ive checked every comparison site there is, from fixed bonds to e-saving accounts.
I feel im missing something, any advice?
To sum up:
£50'000, no risk account, will consider locking up 6-9 months or Internet saver accounts.
Thank you in advance, any help fully appreciated
Dan

nzseries1

I'm not 100% sure what your question is. What exactly would you like to know?
My advice is to pick the highest paying savings account there is and stick your money in it.

rb10

Like Nzseries1, it's not totally clear to me what it is you are asking.

There are plenty of bank and building societies that will let you lock your money up for 3/6/9 months, and give you a good fixed rate on that, but obviously that's only any good if you're comfortable with not being able to access the money until May/August/November. If you go to www.moneysupermarket.com/savings, you can put in Fixed Term accounts with terms of under 1 year.

Or an alternative is a fixed rate account that allows a limited number of withdrawals - it looks like you might want access to the money in the forseeble future, so this sort of account gives the fixed rate but still gives you a little bit of flexibility.

KingL

Of course, you don't have to put it all in the same account. You could put say £40k into a term account and £10k into an instant access, if that would suit.

Alternatively you could consider a fixed term account that allows withdrawals, but which give a reduced interest rate on any amounts withdrawn. ICICI used to do these, you'd need to check whether they still do.