Whats the minimum we could expect?

Kathy220559

Hi

I was wondering if there is anyone there who can work out interest rates for me?

If I had £80000 and was willing for it to be tied up for 3 or 5 years, what would be the minimum interest I could expect

Thank you so much...maths was never my forte

Kathy

firesidemaid

just had a calculate on https://www.thisismoney.com:

assume a 6% gross fixed rate (4.8% net) -

£80,000 for 3 years = £92,082 5 years = £101,134

?any good?;)

ManAtHome

You could get 6% over 3 years, but 5 year rates are a bit less (around 5.6% I think).

Only 6% 3 year rates I've seen so far:
Heritable Bank - 6.11%
Leeds Building Society - 6%

(but give me a shout if there are others)

Kathy220559

Thank you so much..that really helps

Kathy

margaretclare

It depends where you put it, doesn't it? It's a very competitive market-place out there.

Also, you don't want to be paying tax on the interest, or not more than you have to, so an ISA would be my first choice for £7,000 of it at least. If you're talking about tying it up for a few years then you'd get very good returns from equities. Try https://www.hargreaves-lansdown.co.uk

HTH

Margaret