Massive mess-up :(

n0sferatu

Hi guys, I'm hoping somebody can help...
I was about to buy a house so I cashed in my credit suisse ISA last month.
My situation has changed, and I'm not buying it anymore...

I'm now left with 18,000 in my current account- and I don't want it there!

I've searched around, but to no avail- There seems like no ISA I can invest this lump sum into

Does anyone have any suggestions at all for a safe place to put it that will generate me at least a little interest?

Thanks for your help...

Baldur

You don't give enough information for anyone to answer your query.

Are you looking for instant access/fixed-term/fixed-rate savings?
Have you used the current tax year's ISA allowance?

RayWolfe

If you have cashed in your ISA, you cannot put it back into another.
However as Baldur has indicated, more info is required from you to point you to a taxable savings account.

n0sferatu

Sorry for not providing any additional info, and thank you both for your time so far-

1- Yes, I have cashed the ISA. What an idiot.
2- I'd like to put the money into something where I cannot LOSE money. I don't mind the interest rate fluctuating, but I don't want to end up with less than I put in. That's all!
3- I'd like to be able to withdraw money with at least a months notice (for if I find a property).

That's pretty much it. I think if I cant invest it all back into an ISA I should just put it in a high interest account, and start a new ISA with the usual 3,500 yearly payments.

Can anyone reccomend a good way to start? As I'm very new to all this...

thanks again-

opinions4u

Take a look at instant access accounts on www.moneysupermarket.com/savings or www.moneyfacts.co.uk.

ING stood out on rate last time I checked, I personally like Egg's service.

Don't expect the rates to hold up beyond a year or so anywhere though - be prepared to move the funds to a new provider as the rate drops.

n0sferatu

Thanks for the help!

The Abbeydirect ISA looks appealing, although can I really invest my full amount into it? I thought ISA's could only have a deposit of around 3.5k a year?

"This online ISA has the added advantage of allowing transfers in and for balances over £9k the AER is 3.00%. Santander is one of the largest global banks and offers a viable option for safe savings."

Also would it be possible for me to lose money on this? I want something very safe!

If not then I think you're right- The ING savings account looks good, but I sort of prefer egg, too.

nrsql

>> can I really invest my full amount into it?
No - you can only get 9k by several years isas - either saving with that institution or transferring several years from other institutions.

Might be worth contacting credit suisse, saying you made a mistake and ask them to reverse the cash-in.

opinions4u

daily wrote: »

"Cameron last week announced two major proposals to boost savings. He said the Tories would abolish income tax on savings for anyone on the basic rate of tax"

ISA's days are numbered, and the benefits were always negligible for basic rate tax payers. Abbey direct isa pays 2% after tax (1st 12 mths), abbey esaver pays 2% after tax. benefit of isa status = zilch.

That relies on two significant events happening.

- a particular politician and his party getting elected
- a politician keeping his promise (to reduce his tax revenue at a time when the nation needs it)

It also assumes the promise is a long term one, rather than merely a bit of assistance through low interest times.

Don't ditch your ISAs just yet folks.

RayWolfe

opinions4u wrote: »

Don't ditch your ISAs just yet folks.

It would be idiocy for anyone to act on an aspiration of a wannabe prime minister. The OP needs help now, not slogans!

n0sferatu

Thanks guys- I opened an ING account. Hopefully my savings will be safe

RayWolfe

daily wrote: »

ISA's days are numbered, and the benefits were always negligible for basic rate tax payers. Abbey direct isa pays 2% after tax (1st 12 mths), abbey esaver pays 2% after tax. benefit of isa status = zilch.

Just read your diatribe again.
Are you certain that "the benefits were always negligible for basic rate tax payers" or are you posting after getting home from the pub? I ask because you posted in the middle of the night and your comment was the sort that one might make after they had had a few!