£6000 Quick Investment

kirkie_2

I currently have £6000 with the Alliance & Leicester Online Saver. I am looking to get the best return with this money by the latest June as it is for a new kitchen. Has anyone get any ideas?

MPH80

Since the money is 'required' that means no risk can be taken - which means you'll want a monthly interest paying savings account.

So I guess the ICICI Hi-Save account will produce the best return.

You might be able to use it in combo with a mini-cash ISA if you have no intention of otherwise utilising the £3k limit this year.

M.

nrsql

You'll have to do the sums but by the time you've got a new account set up and take into account the loss of interest while the money is being transferred you might be better off leaving it where it is. For the amount extra it probably isn't worth the effort.

brasso

Depends on your attitude to risk. Looking at the performance of emerging-economy funds in the last 2 or 3 years, you might feel that you could easily turn your 6K into 7K in a few months. However, the bubble is sure to burst at some point and there is no guarantee whatever that it won't be in the next 2 months.

So it would be hard to recommend taking a risk if you need the money for a particular project at a particular time. Given the short timescale, there isn't a huge amount to be gained by spending ages shopping around for the best interest rate. Keep it where it is.

ReportInvestor

brasso wrote:

Given the short timescale, there isn't a huge amount to be gained by spending ages shopping around for the best interest rate. Keep it where it is.

With the Online Saver paying 4.25% the OP wouldn't even save £10 if (s)he were able to transfer to a 5% account and not lose any days interest in the process.

But that's not possible and each day lost will cost the OP 70p.

Only the OP can decide if it's worth it.