75k Saving

john0

i am wanting any advice on the best acount to put £75000 in, i dont need to get access to it for a year so looking at either a one fixed rate saver or instant/restricted access accounts?

any advice would be appreciated.

innovate

Well, if you know you want a fixed rate saver or instant/restricted access account, you could just pick one that suits you from a comparison site, like moneysupermarket.com?

Or are you saying you don't know whether you want a fixed rate saver or instant/restricted access account?

Have you maxed your ISA allowance?

john0

im not bothered really whether it is a fixed rate or instant/restricted access account, whatever gives me the best return really, will probably look on money supermarket as adviced.

no havent used my ISA allowance yet, been in two minds whether to invest in S+S ISA or cash or split between the two. if i were to go down the S+S ISA i need to do alot more research as have never dabbled in the markets, probably look at trackers/funds

john0

a quick look on money supermarket, looks like cahoot 1 year fixed rate bond gives the best rate at 3.6%, is it easy to apply for this, any catches?

psychic_teabag

There should be no harm in going with an instant-access cash ISA in the short term : if you later decide to go 100% S&S you can transfer it over. And at least it will earn tax-free interest while you are deciding where you would invest it.

innovate

where's your £75K now?

john0

in nationwide earning sod all around 2% i think, spoke to a guy there and he said about moving it in to another of their accounts think 3.1%

psychic_teabag

Another possible approach is to drip-feed some of the money from instant-access to a regular saver account. Eg can get up to 8%. Dripping from 3% instant-access to 8% would give an average rate of around 5.5%. There's a limit to how much you can save that way, but it does give a better rate while retaining some access.

Speaking of which, don't forget to keep enough in instant-access to act as an emergency fund, if you don't already have such a thing.

john0

yeah i know physic but i was thinking that if i were to do a cash one then it would be the santander 2 year at 4%, seems pretty good for two years?

innovate

john0 wrote: »

yeah i know physic but i was thinking that if i were to do a cash one then it would be the santander 2 year at 4%, seems pretty good for two years?

That's max £5,640 - - unless you have any old ISA to transfer in

john0

What do you mean innovate thats max £5,640? i thought all ISAs were max £5,640 for a year?