£10,000 easiest way to make money?

Bob_zodiac

I have £10,000 and would like to put it into a high street account.
I am really clueless on this but would like the following:

Instant access to the money
no risk
no tax



any advice?

homer_j_3

unless you are somebody who does not have to pay tax you will be charged tax in a normal high street savings account. You need to look at cash ISA's for tax free but you are limited to £3000 per tax year. If you invest £3000 now and £3000 next tax year after April 6th then that leaves you £4k

I would look at National savings then as they do some tax free accounts but not sure about immediate access. Go to post office or look online and I am sure it wouldnt take too much effort to find the right account.

Hope this helps

edited to add that all bank account savings carry an element of risk but nothing to be concerned about other than inflation outstripping the interest rate you are receiving.

crossleydd42

How long is the money going to remain untouched for? Not just the whole, but perhaps some of it.

Bob_zodiac

So a normal savings account would be best?
Which high street bank should i go with?

I want an account where i can put in as much as i want each year.
I will not touch the money(but still want instant access)so i will keep the money in for hopefully many years.

cadboll

Hi. Probably your best bet is to use an online e-savings account. The Alliance & Leicester have one at the moment - instant access - 5.15% Gross/AER. You need to be a customer with them already though. Their current account (5% Gross/AER) is the best on the market at the moment so it might be worth considering.

But as earlier posts suggest a Cash ISA is your best starting point - at least you get it tax free, the remainder going into an online savings account. It s a good idea to keep an eye on the best e-savings rates as these can change and you'll always want to use the highest one possible!

tipsychick

Bob Zodiac, on your other thread you said that you were going to change your current account from Lloyds because of problems with the number of cheques you've been cashing. Alliance & Leicester have a current account that you could open at the same time as an ISA (5.2% tax free) and instant access savings accounts (5.15%).

Have a look at A&L's products as they're pretty much the market leaders at the moment and would cover would you need I think. (Remember you can open their current account via Quidco or one of the other cashback sites and do the £50.00 recommend a friend thing).

karlosb

Hi there,

I am in the same boat as bob zodiac, as i am looking to stick about 10,000 into a saving a/c. I have max amount of cash in isa until april.

I have been looking at Alliance Leceister but read this:

The top ‘bonus interest’ account. Alliance and Leicester’s Online Saver (Issue 2) also pays 5.15% but this includes a 0.9% intro bonus rate until 31 March 2007. So it’s only for those willing to ditch and switch later.

Why do you have to "switch later"?

anyone help?

Doppleganger

Karlosb, If you don't switch on or before this date then your interest rate will drop to 4.25% (not taking into account any BOE changes) which is a long way down the best buy tables.

I have placed my surplus cash in this account due to the great rate with easy instant access, should something better come along.

- Dop

karlosb

Thanks for the advice DOP!

wattapain

Martin recommends Bradford & Bingley in a recent email.
Can't remember the actual amount but it's >5%