£3,000 for 2 months

jatyeo

Hi guys,

I’m looking to borrow about £3,000 for 2 months and I was wondering what people think is the cheapest way to go about it. This money will only be left untouched in my bank account for evidence purposes and not for buying anything.

Now, I have lots saved (£20k+) in a shares ISA account but I don’t want to touch it as I won’t be able to reinvest it (I’m looking to fill up my full ISA allowance next year) and I already have a Santander account (£1,000 interest free overdraft).

There won’t be any problem paying back the £3,000 after the 2 month period.

Would you guys suggest opening a couple of new bank accounts and borrowing from the overdrafts? Get a small, short term loan from somewhere? Do something clever with 0% credit cards?

Thanks for the help in advance!

ryan86uk

Do you mind me asking why you need it as evidence?

jatyeo

ryan86uk wrote: »

Do you mind me asking why you need it as evidence?

Yes

but I can assure you it's all above board.

Peelerfart

Try asking Santander, if it's all legit,they know there money is safe so - No problem !

jatyeo

I'll give it a go although I hear their customer service is pretty terrible so I won't hold my breath.

Assuming that they won't give me a 0% overdraft increase, do you still think that the overdraft increase is the best way to go?

ryan86uk

Right....

Well, you will need to look at the returns you will be getting from your ISA for this year. It may be financially beneficial to take the 3,000 from that and "leave it in your other account" for two months then pay it back in after the two months has passed. You will be paying interest on a loan which will probably be more than the interest you will gain from your ISA. You will more than likely have less money in total if you take out a loan and repay it.

jatyeo

I see what you're saying.

I think I just have a mental block with taking money out of my ISA as you can never return it...

Lara44

Not sure why you can't submit your ISA as proof of your savings?

ETA: Is it because you hold your ISA as shares not cash?

Peelerfart

jatyeo wrote: »

I'll give it a go although I hear their customer service is pretty terrible so I won't hold my breath.

Assuming that they won't give me a 0% overdraft increase, do you still think that the overdraft increase is the best way to go?

Many people say that they are terrible,and I'm sure they are faithfully retelling their own experiences.

Personally I have had no problems whatsoever.Maybe I just got lucky.

yeah short term overdraft why not ? easy and fairly cheap

jatyeo

Lara44 wrote: »

Not sure why you can't submit your ISA as proof of your savings?

ETA: Is it because you hold your ISA as shares not cash?

I'm a bit ignorant when it comes to this because of only ever got small overdraft extensions of £500 now and again over the phone.

Would you suggest actually going to a branch with evidence of my other savings and ask for a £3,000 overdraft extension?

bengalknights

You could always try getting a Mbna/Virgin card and hope they give a limit large enough to allow a SBT.If its paid back withing the specified time then you wont incur any interest.