Short Term savings (11 months)

Goldeagle1

My fiance and I are saving a bit of money towards our wedding in February 2008. We will be saving between 300-400 a month between us for the next 11 months, so will end up with a total of approx. £3000-£5000. My question is: where would be the best place to save this money. I know I can't expect huge returns over 11 months but I still want to go for the best option since very little helps!

My partner has just opened a Halifax high interest account, with 6.17% interest, which is only up to £2,500, and after that just 0.1%. We also have an ISA, but since interest does not get paid until April 2008 there doesn't seem much point in using that.

Does anyone have any ideas?

Thanks

sexy_fufu

what about using a isa that pays out monthly rather than yearly. some the interest rates arent as good but it might help and its tax free !!

deanos

http://www.hsbc.co.uk/1/2/personal/savings-investments/savings/online-saver

Any good ?

Goldeagle1

sexy_fufu - I thought all ISAs paid yearly, so I will look into monthly paying ISAs

deanos - took a look at that, will look through the T&C a bit more, it looks like it could be good. It is variable rate but theres no harm keeping it there until the rate drops and then move it somewhere else

Dave_®f©

Intelligent Finance have a monthly interest paying ISA. I find it easy to operate online and it's good seeing it grow every month.

tom188

We also have an ISA, but since interest does not get paid until April 2008 there doesn't seem much point in using that.

If you close the account you will have interest paid on closure.