Finally ready to store 75K

IsaacsDad

Hi,

I have asked a couple of times for advice so far, but my situation keeps changing - so I am sorry if you already have advised, but I wanted to check!

I have 75K to save for 9-12 months (split between my wife and I so I guess we will open either a joint account or two identical accounts to keep under 50K each). Chances are I am going to need it before 12 months so that gets rid of any account with a bonus. The best I can find is a sainsburys saver account that is offering 2.90% - paid annually. Does this mean that the interest is calculated every month and paid at the end of a year? or will I get no interest if I withdraw before the year is out?

ING also looks interesting - but I am concerned about the lack of the 50K support.

Any pointers?

Thanks!

Lokolo

You have missed out on Egg:

http://www.egg.com/visitor/0,,3_11093--View_401,00.html

Looky looky looky.

Anyway, interest is calcualted on a daily basis. So if you have the account open for a week, you get a weeks worth of interest. And so fourth. So if you have it for 6 months, you get 6 months interest (which will be half annual)

IsaacsDad

oohh - I think I have been stupid. So if I take my money out after 9 months I still get the bonus rate for those 9 months?

Lokolo

IsaacsDad wrote: »

oohh - I think I have been stupid. So if I take my money out after 9 months I still get the bonus rate for those 9 months?

Yes. Just the bonus lasts a year. So after 12 months, the bonus goes byebye.

IsaacsDad

I'm an idiot. Account opened - thanks for you help!