Making the most of my Savings

rangers_fc

OK how do I invest £25,000 for 1 year and earn the best possible interest. I currently hold this amount in my Cahoot savings account and would like to earn as much as possible safely for 12 or 18 months, I dont want to risk any of my initial investment but would be prepared to leave the cash untouched for this period, however I would like to maximise my gains. I know Cahoot are offering good rates on there savers account currently 4.98% gross with no redemption. Can this be bettered without a lot of work how much more is it possible to accumulate with a bank based investment.

Milarky

If you are prepared to fiddle around with regular savings accounts these offer better rates of course. The nice thing about the cahoot savings account is that it allows you to set up future dated payments [albeit a cumbersome method] so that you could use it as a feeder account to put money into different accounts regularly.

At the moment Egg are still offering BOE rate plus 0.75% for 6 months [don't know how much longer though] on their internet savings account. This is a 'repeat offer', so it might come around again later - I'm hoping so!

Did you also know that cahoot credit card offers up to 46 days interest free on balance transfers from its credit card? Or that their current account comes with a £250 interest-free overdraft? [bit off topic, I know]

Good luck

johnllew

You can get 5.3% gross fixed for 18 months with Kent Reliance BS.

More info on this and other a/cs at Money£acts

Walletwatch

Presumably, your money is earning interest at 5.65% in cahoot. If yes, wait for the one year for which this rate will prevail. After that move it to egg for six months (of course assuming that they are still offering the BoE rate + 75 bps = 5.5% then, as another poster has pointed out)

Simultaneously, open up regular savers at Abbey and Halifax, and if you're ready to take the extra trouble, at Derbyshire Building Socy. Abbey and Halifax offer rates of 7% each, with max monthly investments of 500 and 250 respectively, while the DS gives 5.85% gross (I think) with max of £1000 per month. Arrange for these accounts to be funded on a monthly basis from cahoot (or from egg, if you choose to shift your money to egg as mentioned earlier)

rangers_fc

Thanks people for youre input not sure if its worth my while at the moment as there is some benfits keeping all youre accounts under one roof, however I will keep an eye on the Board for any future offers