large amount of cash advice

shaunc64

Hi,
can anyone please advise me on what to do with approx £20,000 i have in my current account? the ISA i have had with my bank (halifax) for a few years is full. I havent got any clue what to do with this excess money.
I would appreciate any help and advice, thanks in advance
Shaun in plymouth

OneADay

Fixed rate accounts? if you do not want access to the money for a while.
The best I know at moment are ICICI bank offering 6 month, 1 year, 18 month, 2 year bonds.
Some of the £20k could be used for 2010-2011 Isa allowance somewhere like A&L offering 3.5% for 12 months.

Reaper

Indeed, after April 5th you can put another £5100 in your ISA.

You say you have had your ISA with the Halifax for a number of years. Have you checked the current interest rate on it? Some of the older accounts have dire rates.
http://www.halifax.co.uk/savings/tax-free-savings.asp

missile

I would suggest £5,100 in Nationwide 3 year FRISA @ 4.4% and the rent in NS&I index linked savings certificate.

DiggerUK

shaunc64 wrote: »

...can anyone please advise me on what to do with approx £20,000 I have in my current account?.....

NSI Index Linked should be looked at, looking a better prospect than Cash ISA's in foreseeable future. There are a number of threads on them.

Best of fortune.

Quietmanc

missile wrote: »

I would suggest £5,100 in Nationwide 3 year FRISA @ 4.4%

I was told yesterday in Nationwide that this ISA is being withdrawn today.It's being replaced by a 4 year 4.1% FRISA.

Devin_Shockwell

shaunc64 wrote: »

The ISA I have had with my bank (halifax) for a few years is full.

Paying attention to the details, have you paid any money to this ISA during this tax year which runs from 6th April 2009 until 5th April 2010?

If you have paid in nothing then get your skates on down to Santander and open a Flexible ISA to the sum of £3,600 (assuming you are under 50) for the current tax year (2009-2010). This pays 3.5% and might even go up if the Bank of England base rate increases from 0.5% as Santander promise to keep 3% above this rate! This needs to be done before 6th April however, so being this late in the tax year it might be quicker to handle the account opening with cash in branch. Then simply pay £5,100 in to the same Flexible ISA with Santander post 6th April. So you'll be getting at least 3.5% on £8,700 for a full year, that's just over £300 in interest for a years investment.

missile

Quietmanc wrote: »

I was told yesterday in Nationwide that this ISA is being withdrawn today.It's being replaced by a 4 year 4.1% FRISA.

NW have withdrawn several of their best products this year.:( Glad I transfered my ISA from RBS before it closed.:j
Please be advised, the 4 year FRISA is 4.25%