Where to put £1k for a short time?

suzieq

My OH has £1k in our current acct for when he decides to buy me an engagement ring

We have recently changed the acct to a joint one, so he needs somewhere to put this £1k until he needs to use it, otherwise I will see it disappear and know when the big question is coming.

He will need instant access to it, whether that be over the counter, or via debit card. Where's the best place to put the money?

Ian_W

How long is a "short time"? Are you being optimistic or is he on the brink?

£1k in the best paying accounts [circa 5%] will only return about 10p a day in interest after tax so I'd concentrate on him having it where it's readily available rather than worrying too much about an extra 0.1% in this account or that. No excuses then as to how difficult it is to withdraw!

If he doesn't have any individual bank or BS savings accounts ING is probably one of the easiest online accounts to open and close. Best of luck to you both.

suitusir

Hi,

Congrats.

Anywhere has to be better for the £1k than a current account.

Look at ING or premium bonds.

Another good way of getting it out of the current accountis that the OH may have other plans and start chipping into it, and 8/10 cases the sum goes down and never gets replaced.

Hope that helps,

Keep Smiling,

Kevin

si1503

i've just opened up one of these http://www.askbm.co.uk/savings/i/deposit/easy/intro.asp

the account pays 5.20% gross/AER, which includes a 0.65% bonus for the first year and is totally instant access, making it an ideal choice for your situation

dazbyd

.... hmmm .... just a thought

.... you could invest the money in Tesco and open an R&R account ...

.... all you have to do is be a 'canny' shopper ....

.... spot the mistakes (like they asked you to in the adverts ) ....

.... get full refund and then watch your money grow and grow and grow

.... a far better reurn than any bank account

.... :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: