where to put £5k for 4 months?

pandajen

I have just got some additional borrowings on my mortgage to pay off some debts and do some building work on the house. The debts are all paid off now, but the builder can't start until November. So what should I do with his £5k until then because it's driving me mad in my current account!

I dont have an exisitng savings account or ISA.

Thanks in advance!

tomstickland

Icici Hi Save instant access savings account 5.15%.

pandajen

...given the problems it seems there are with setting up the icici account, does anyone else have any recommendations?

I was looking at the Abbey e-saver as we have an Abbey current account.

kiwigirl

I felt the same about the ICICI account, I've just opened a monthly saver with Principality - can put £1k per month in but have to put in min of £20, can take out 1 times during year to get interest, so you could take money out when builders start work?

ahll

I open an account with ICICI and I havn't had any problems...So may still be worth considering

tomstickland

What problems with the Icici account? I opened mine with no trouble and it's been great IMO.

codetown

First I would suggest to open a cash ISA and put 3k pounds immediately on it. If you are a tax payer there is an immediate advantage and second if you are not today you will build your credit record for the future if the work is delayed again or some maney can be saved from it.

There are cash ISAs out there at 5.05% net

In alternative an instant access account will do. for easiness ING direct.
For rates ICIC (but prepare yourself to potential delays in getting back the money)