Saving strategy

celticsaver

First post on here so please be decent!

I'm currently putting £500 a month into an Cash ISA, with my contributions likely to go up to £600 a month from October.

I'll hit the £5,640 annual limit next February.

Just wondered what I could do with the excess past this date, I don't particularly fancy a Stocks ISA (more suitable for long term) as I'll need the cash around late 2013 (deposit hopefully).

Would a standard savings account be advisable or is there something else that may be more suitable? (I'm currently a basic rate tax payer fyi)

bigadaj

You may struggle with the decency issue posting on a Sunday morning, many people are still in bed.

If you are regularly saving this sum then back calculate what you can put in to maximise at the end of the tax year, then open a regular saver for the difference, you'll obviously be taxed on this but would still get say four per cent.

gadgetmind

celticsaver wrote: »

I don't particularly fancy a Stocks ISA (more suitable for long term)

Given your timescales and monthly sums, further savings accounts are probably your best option.

However, for completeness, S&S ISAs can hold a wide variety of things, many of which are worth considering for timescales shorter than the usual ten years that people quote. My daughter's investment timescale is "now to end of Uni" and I've been selling down some of her higher risk investments and buying bonds and preference shares for her. When she uses her next CGT allowance, I might also look at some infrastructure shares such as HICL and BBGI.

MoneySaverLog

I'd put it in a instant access savings account and start another cash ISA on the 6th April when you'll get a new cash isa allowance.