Which way to invest £10k with easy access

ringo747

Hi,

I have around £10k which will be maturing from a year bond at the end of the month and need some advice on the best way to reinvest. I need access to the funds as am getting married later this year and will need to withdraw some of it as and when required.

I was looking at the 3.1% eISA from nationwide. Is this probably the best option I will get in terms of rates while still having instant access? I have another amount locked away in S&S ISA which I won't be touching.

This £10k is hopefully going to make up an emergency fund so I'm guessing it should always stay as instant access?

Thanks in advance

Lokolo_2

ringo747 wrote: »

Hi,

I have around £10k which will be maturing from a year bond at the end of the month and need some advice on the best way to reinvest. I need access to the funds as am getting married later this year and will need to withdraw some of it as and when required.

I was looking at the 3.1% eISA from nationwide. Is this probably the best option I will get in terms of rates while still having instant access? I have another amount locked away in S&S ISA which I won't be touching.

This £10k is hopefully going to make up an emergency fund so I'm guessing it should always stay as instant access?

Thanks in advance

How about Barclays Golden ISA 3 (3.25%) or Santander ISA (3.3%)? Both these pay more than the Nationwide and are instant access.

You can deposit up to £5100 this tax year and a further £5340 from April 6th, but as your bond is only maturing at the end of the month you would have to act extremely quickly to use up both tax year's allowances!

ringo747

Thanks will check those out. I have already used my allowance from this tax year so will probably just be doing an ISA transfer to a new account. I haven't got any more £5k to add next tax year!

Lokolo_2

ringo747 wrote: »

Thanks will check those out. I have already used my allowance from this tax year so will probably just be doing an ISA transfer to a new account. I haven't got any more £5k to add next tax year!

Ahhh fair enough, where do you plan to put that £10k from the maturing bond though?

ringo747

The bond was an ISA bond so I should be able to just move this into a new cash ISA. Is that an incorrect assumption?

Lokolo_2

ringo747 wrote: »

The bond was an ISA bond so I should be able to just move this into a new cash ISA. Is that an incorrect assumption?

Ahhh sorry, I think I misunderstood your original question then, was it a fixed term one that has ended and you are looking for somewhere to transfer it to? If so, then Nationwide at 3.1% is good, as the two that I mentioned above do not accept transfers in!

ringo747

Lokolo_2 wrote: »

Ahhh sorry, I think I misunderstood your original question then, was it a fixed term one that has ended and you are looking for somewhere to transfer it to? If so, then Nationwide at 3.1% is good, as the two that I mentioned above do not accept transfers in!

Yes you got it exactly. It has been in for a year and want to reinvest it for the next tax year. It will be a transfer as opposed to adding a new amount on top of the existing one.

Will look at the nationwide deals - probably the best for allowing transfers. If it wasn't a bond should I be able to transfer ISA before the end of this tax year?

Lokolo_2

ringo747 wrote: »

If it wasn't a bond should I be able to transfer ISA before the end of this tax year?

Yes, the only thing stopping you from transferring is if your current ISA provider has set any withdrawal restrictions (which a fixed term ISA would have!)

psychic_teabag

IIRC you can get 3.2% on a transfer to Halifax, if you also fund a reward current account. (And since doing that also gives you a bonus £5 per month, you can think of it as an extra 1.2% on your £5000.)