Ive Got £82,000 To Save, Any Ideas?

love_more_live_more

hi, just sold my house and moving into my parents house

just made £82,000 and need to save (ie, earn lots of interest)
DO NOT WANT STOCKS ETC AS WANT more than 100% OF MONEY BACK

any ideas?
i need 2 weeks notice as minimum.
was going to stick it into barclays giving 3.4%
i can do better than that cant i?
help please!

dunstonh

was going to stick it into barclays giving 3.4%

3.4% minus 20% tax = 2.72%. With inflation you are just about losing money long term. What was that you were saying that you wanted more than 100% of money back?

c_smith

ICICI is paying 5.15% at the minute, and I'm sure Alliance and Leicester were paying a similar rate recently. Have you looked at Martin's guide here:
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1098730527,15721,#internet

alanshave

Hi there, I have a great idea. The bank of alanshave is willing to take the sum of £82,000 off your hands for free and give you it back sometime soon with a lot of interest! LOL. Give me a shout and i'll provide your with the deposit details, if your lucky then i'll let you send it by Western Union!!!!

free4440273

building society bonds will pay the best rate of interest risk-free.

MiserlyMartin

But Bonds are quite a long term investment and 2 weeks notice were required by the original poster. ICICI are paying the top rate, but I would be nervous about putting more than 30k in there. Am I right in saying there are no better options than that unless its a longer term investment. The best you'll get from other internet based savings accounts are 4.75 - 5.00 %.

Do you really need 2 weeks notice anyway? Is this parents move a temporary thing in between buying another house? Anyway 82k is good going I would be at the parents for as long as you can if I were you. Think of the money you'll save! + When you buy back into the housing market it may well have dropped!

Quarantz

I know some legal ways to earn much more, but that would be past regular forumbound advise and might be considered `advertising`, as it is my job to give specific advise. Sorry. Don`t mind to give answer to questions that I can answer on the forum (don´t wanna be kicked off on my first day her)

mrseyes

i have £23000 earning 4.70% interest in childrens saving account. Is there anywhere else i can earn more interest? without paying tax, other then ISA's? I am not very good with money and wouldn't know where to start with bonds, stock exchange etc.

Kazza242

love_more_live_more wrote:

hi, just sold my house and moving into my parents house

just made £82,000 and need to save (ie, earn lots of interest)
DO NOT WANT STOCKS ETC AS WANT more than 100% OF MONEY BACK

any ideas?
i need 2 weeks notice as minimum.
was going to stick it into barclays giving 3.4%
i can do better than that cant i?
help please!

The first thing I'd suggest is sticking £3,000 into an easy access mini cash isa now. If you can get this done by April 5th (the deadline for this tax year), you can then put another £3,000 into it (or into an isa with another bank/building society if you wish) from April 6th. Therefore you'd have 2x £3,000 in your mini cash isa.

The benefit of using up both this years' £3,000 mini cash isa allowance and next years', is that you'll be able to shield at least £6,000 of your money from the taxman. This means you get to keep all of the interest accrued on that sum without the taxman taking a cut.

As you need easy access without penalty, the following are paying good rates:

Halifax' ISA Saver Direct currently pays 5% interest, but will be reduced to 4.75% from April 6.

Bradford & Bingley E-Savings mini cash isa pays 5%.

After a mini cash isa, opening an easy access savings account paying a decent rate would be a good move. Assuming you use up your isa allowance for this tax year and next, you would have £76,000 available to deposit. It is usually a good idea to split the money into at least two savings accounts with different institutions. You could look into the following:

Cahoot's easy access saving account paying 4.85% interest.

Bradford & Bingley's easy access E-Savings account paying 4.85%

For more options and information, check out the Moneyfacts website.

MiserlyMartin

Yes thats very good advice - especially about putting 6k of it into an ISA quickly while you still can.