What should I do with a Grand ?

pbw

if i was the OP, i would put that £1000 in the MANCHESTER BUILDING SOCIETY - Premier ISA 35 Issue 1.

this is a postal/branch account paying 3.01% and has a 35 day notice period (as he has a wedding he is saving for, the short notice period will stop him from dipping in!)

and the £100 per month he gets, i would add that to the ISA each month.

also remembering that this ISA has a 0.7% bonus for 12 months. so after 11 months, i would give notice and transfer the balance to the best paying account at that time.

this means that he will have £1600 in his ISA account by the end of the financial year!

ses6jwg

paulw19 wrote: »

You are seriously advising somebody to gamble their entire life savings?? :mad: He has already said this money is allocated for a wedding. So come the time to pay for the wedding he has lost all of his money on horses, would you still consider your advice reasonable? Yes rates are poor right now but try and be a little bit more responsible.

To Ste1200; I would recommend opening up a Halifax reward account, thats £60 added over the year simply by moving £1,000 in and back out of the account each month. You can set up automated payments to do this, and some people even do this over multiple accounts to get much more per year. You can pair this with the Halifax regular saver account which gives decent interest, as mentioned by opinions4u. The amount you save or use for the reward account is upto you, as I dont know any more of your circumstances I cant say much else.

Calm down, he is an adult like the rest of us.

He seemed quite miffed at the prospect of £30 from £1000 in a year, understandably so.

I was just presenting the fact that there are other options availiable, with varying degrees of risk.

psychic_teabag

(wrt to putting the money in a halifax regular saver...)

ste1200 wrote: »

Thanks, I don't actually get the money until mid October so I can't do that unfortunately

Halifax have extended the deadline for opening and funding a regular saver. You only need 25 initially (or 50 if you are opening two of them). You can add up to 475 any time during October, then carry on with 100/month for the next 11 months. You can make multiple payments per month, just as long as you don't exceed the 500 limit in any month. Need to be quick to get halifax, though - but there are other regular savers offering 5%.

Another way of doing it is to keep the 1000 in an instant access, and then getting one or more halifax reward current accounts. Then just put the 1000 in and out of each reward account each month, and halifax will give you 5 pounds per month per account. Currently can have up to 3 each, so with your intended you could get up to 30 per month just by moving this 1000 around (plus whatever you get for the 1000 in the instant access for the rest of the month, plus the regular saver).

EDIT: applying for lots of current accounts probably needs a good credit rating, and may hurt your credit rating.

ste1200

That last idea from Psychic Teabag seems good. I will print off this and go into the Halifax with it tomorrow. I will let you know how I get on, thanks for all your help.

Baldur

ste1200 wrote: »

That last idea from Psychic Teabag seems good. I will print off this and go into the Halifax with it tomorrow. I will let you know how I get on, thanks for all your help.

Unfortunately, the rate of the Halifax Regular Saver dropped at midnight - from 5% to 2% which will apply to any new accounts which were not funded by midnight.