£30K for 6 Months

DeanStevens

Hi,

I have £30k to invest for 6 months... I have no debt except a mortgage £300k that has fixed rate of 5.2% which I can overpay on but cannot get money out.

Any help suggestions?

Thanks

Sillychuckie

you shouldn't be investing in anything for just 6 months.
put it in a decent savings account, check the usual MSE place for the current best deal (probably ICICI).

Sapphire

DeanStevens wrote:

Hi,

I have £30k to invest for 6 months... I have no debt except a mortgage £300k that has fixed rate of 5.2% which I can overpay on but cannot get money out.

Any help suggestions?

Thanks

I've just invested a largish chunk of money in the Post Office Instant Saver (with advice from people here). It has 5% interest guaranteed for a year to go up with BoE interest rates, and it is easy access - up to six free withdrawls per year, and only £1 to pay for each withdrawl after that.

I wouldn't invest it in the ICICI account (interest rate slightly over 5%), since this is based in India and I wouldn't feel I could trust it enough.

DeanStevens

Why should I not be investing in ANYTHING for 6 months?

I can not overpay anymore on my mortgage until January this year. Therefore I need to try and INVEST this £30k till then..

Is this not correct?

I beleive that I can get 5.15% with ICICI i could earn about a grand but this is not tax free?

I am thinking about putting the money into premium bonds as I believe that they are potentially tax free and offer an AVERAGE return of 7%?

Any advise (but less patronising SillyChuckie) would be appreciated.

Thanks