Best bank account for £500 for a car?

synchro_2

My gran has (unbeknownst to me!) been saving up £500 for me to get a 2nd hand car, and I was given it all as cash today, bless her xD So first thing I want to do is get it into a bank soon as on Wednesday when the banks open -- but which bank account, or type of account, is best? Are ISAs still useful with the current state of interest rates etc.? I'm not going to likely need access to the money perhaps even towards the end of 2011.

Many thanks!

x

jd87

If you're definitely not going to touch it for a year then I think the best thing will be to put it in a 1 year fixed rate account.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest?dd#fixed

freezspirit

http://www.ybs.co.uk/savings/regular/christmas_saver.html?int_cmp=hphero2_savingss_xmasSav_dec10#apply 3.5% might be worth it if you don't want the money before 1st dec 2011

diable

synchro wrote: »

My gran has (unbeknownst to me!) been saving up £500 for me to get a 2nd hand car, and I was given it all as cash today, bless her xD So first thing I want to do is get it into a bank soon as on Wednesday when the banks open -- but which bank account, or type of account, is best? Are ISAs still useful with the current state of interest rates etc.? I'm not going to likely need access to the money perhaps even towards the end of 2011.

Many thanks!

x

Just pay it into your savings account but me being me I'd blow some of it on having a fantastic New Years party time ;o))))

opinions4u

Assuming you pay tax and don't make use of an ISA at present, I'd suggest the Halifax ISA paying 2.8% as a starting point. This gives you easy access to your money.

www.moneyfacts.co.uk can help you identify other options.

copthis1

diable wrote: »

Just pay it into your savings account but me being me I'd blow some of it on having a fantastic New Years party time ;o))))

Yeah, blow a bit, after all the interest you earn wouldn't even buy you 5 litres of oil and an air freshener for your new pride and joy.