best place to put £500

bfambl

hi ive got £500 in a halifax isa account at the moment but found out this morning im getting 0.10% interest so really need to move it, where is best place to put it i dont mind long term saving but i read martin lewis says they are risky and i dont really want to risk my money. i like to add to the money not realy withdraw. i do like the idea of going into a branch or doing it online. but im fairly eaay going with it, i just want to put my money somewhere where it can make money. i did think premium bonds. any advice would be great. thanks

sorcerer

You can find a few banks that do offer about 3% for instant access accounts.

qpop

As it's already in the ISA "wrapper" it's best to keep it there.

If your £500 was deposited before April 6th 2011 then you can "transfer" it to a new ISA provider, and you'll be able to add another £5,340 before April 2012.

If it was deposited after April 6th 2011 you can still "transfer" it to new provider, but maximum further input is £4,840. If this is the case this is the only way you can open a new cash ISA this year, whilst staying within the rules.

From the main site:

http://www.moneysavingexpert.com/savings/best-cash-isa wrote:

Northern Rock, 3.05% AER 'Clean' rate. Accepts transfers in.

• Rate: 3.05% AER variable
• Min. Deposit: £1
• Interest paid: Annually
• Allows previous ISA transfers?: Yes
• Transfer out penalties?: No
• Access: Online
• Safety: Full £85,000 UK protection (see Safe Savings)

The online only Northern Rock* e-ISA pays 3.05% AER. The rate is 'clean' (i.e. no short-term bonus), though it's variable so keep an eye on it as it could change. The minimum deposit is £1 and it allows transfers in from previous years' ISAs. Withdrawals can be made via electronic transfer.
Northern Rock has the full £85,000 FSCS protection, see the Safe Savings guide for more.

The above appears to be the best deal for transfers in.

slopemaster

bfambl wrote: »

i dont mind long term saving but i read martin lewis says they are risky ...

It's not long-term saving that's risky, its investing in stocks and shares - which is generally a long-term thing to do.
But it's the investment that's risky, not whether it's long-term!

PS I moved my ISA money to that Northern Rock one; all seems to work pretty well