i have under £2000 to save

ifti

Hi,

as the title says, i have under £2000 to save, its not much but then again im not a saver at all.

can some tell me where it would be best put, im thinking of a ISA cause i dont have one,

im after a high street bank, just incase. i have seen barclays bank and they offer around 4.20% on anthing under £3000.

is this the best deal. it just a lump sum i want to invest for quite a period of time
cause i dont want to use it.

thanks in advance

Sillychuckie

Don't touch barclays with a barge pole. NA&I are doing 5.05%.
See http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1077487692,12362,#best1

It wouldn't take them long to get the money back for you if needed in an emergency, so do you really need a high street bank?
Halifax do a 5% one, but you'll need to look at the terms and check whether you can withdraw without penalty.

ifti

hmm
that doesnt sound too bad, but what about if i wanted to close the ISA and move a different bank, will that be possible, im just thinking that after the 2008 the rate might just not be as good as it is now.

thanks

ifti

anyone else have a view on this

HGLTsuperstar

Then get an instant access ISA, and never CLOSE it, only TRANSFER it

EagerLearner

You can transfer ISA to another supplier, as long as you follow the correct procedures, otherwise the tax man will stop the tax-free benefit. I just opened a Bradford & Bingley e-ISA account because my First Direct ISA wasn't a great rate anymore - could have gone with NS&I I suppose, but the rate changed after I asked B&B to make the transfer.

I would also recommend opening a normal savings account with ICICI separately, as they are offering great rates for odds & sods savings you may want to make, should you exceed the £3,000 for the current tax year in your ISA.

Good luck & let us MSE lot know how you get on!

EagerLearner