£7000 to save short term?

jew-c-one

Which Account is best to save £7000 -£9000 over the next 3 to 4 months ? Until I can use it to over pay my mortgage?

I guess I am looking for an account that pays interest monthly :-)



Cheers! :beer:

coastline

no expert but some monthly savers pay good rates...might need more than one to get your funds invested..

psychic_teabag

Monthly savers tend to require a commitment to pay for the whole year. And some don't allow the amount to change month to month, or allow withdrawals.

The Monmouthshire one is not highest rate at 4%, but very flexible over payments and withdrawals. (But you still won't get much in within 3-4 months.)

You don't need monthly intererst : when you close the account, you'll get all interest due paid up. Or leave £1 until the end if you need to keep account open for a year to earn bonus (as with the Monmouthshire one).

psychic_teabag

What's your mortgage rate ? Maybe you can earn enough in a reg. saver to make it better to save for the whole year before over-paying mortgage.

jew-c-one

Thanks for the info guys!


:T:beer:

JC

P.S mortgage rate 5.59 going down to 3.99 in September

jimjames

If you've not already used your ISA allowance then you can put £5640 in that. This allowance will be lost once you take it out but if you don't have other money to put in then this doesn't really matter.