£8000 savings, 1 yr till wedding

stroppymare

I have £8000 .Any suggestions as to where I should put this money for the best return.
I will need to take it out in July 2011

natman

Hey,

1 year until wedding hey.
You could look at the best easy access accounts, that gives you quick access to your money, as prior to weddings you may need deposits for dresses, photographer etc.
One of the best easy access accounts is West Brom easy access (West Bromwich Building Society Direct Bonus Account 2 ) at 2.9% Egg at present paying 2.8% so similar rates.

You could potentially place it is a 12 month fix term bond at around 3 %

It may be worth considering the coventry fix rate ISA at Coventry at 3.25% for 12 months fix you could place 5100 in the account you couldnt touch this money for 12 months but it would earn you in total £165 interest
Then the £2900 thats left place in EGG for example - approx £66 interest so in total ........

£230 in interest..........

That's something I would do, tie a bit up with best interest rate, put some in easy access so you can get hold of it if neded.

Good luck!!

opinions4u

Barclays Golden ISA issue 2 paying 3.1% looks like an option.

One in your name, one in the other half's name.

Assuming you haven't already maxed out on cash ISAs.

Moggles_2

opinions4u wrote: »

Barclays Golden ISA issue 2 paying 3.1% looks like an option. One in your name, one in the other half's name. Assuming you haven't already maxed out on cash ISAs.

That would be my suggestion too. Better get a move on though.

According to my local branch, this offer ended yesterday (Friday 28 May 2010) and will not be available in branch next Tuesday 1 June 2010.

If you happen to be a Barclays current account holder, you can still apply online, but only until next Tuesday.

natman

opinions4u wrote: »

Barclays Golden ISA issue 2 paying 3.1% looks like an option.

One in your name, one in the other half's name.

Assuming you haven't already maxed out on cash ISAs.

I agree that this would have been a better option, but I understand that this Barclays account is no longer available. hence my Coventry fix and best buy instant access account being an option that may be still available.

mr_fishbulb

If you tie some of the money up for a year, be sure there aren't any expenses you will need to pay for in advance from that.

The Coventry fixed rate isa says:

Withdrawals

• No partial withdrawals can be made.

• Early closure withdrawals will result in a 120 day interest penalty.

stroppymare

Thank you all for your advice, I can see I have some reading up to do!!