Advice: £70,000 to put in a savings account with access of around one months notice

shane999

Dear all

I am new to the forums and wondered if you can provide me with some advice.

I have around £70,000 to invest. I will probably not need it for the next 6 months at least but more likely 12 months. I wanted to get access with about 1 months notice or so.

Can anyone recommend the best savings account?

Rafter

Shane,

You are under the FSCS limit so you are 'safe' putting it with one organisation.

The best rate with easy access is around 2.4% (Tesco).

If you don't need access to all the money you can do better by putting some into fixed bonds - as long as interest rates don't rise.

Also make sure you (and your partner if you have one) have used your Cash ISA allowance to avoid paying tax on some of the interest.

Good luck

R.

SallySunshine

Tesco will only give their 'huge' bonus if money has been in the account for 12 months, less than that and you will only get their base rate, plus it is variable.

bannyso

Yep, definitely check the T&Cs. OP: You can also shop around various banks and gather info before deciding.

Best,

b.

Gromitt

SallySunshine wrote: »

Tesco will only give their 'huge' bonus if money has been in the account for 12 months, less than that and you will only get their base rate, plus it is variable.

If you withdraw all but £1, does it satisfy that condition?

SallySunshine

Not sure about that Gromitt, just read through T&C, however this bit about the £1 ,000,000 made me laugh.

I'm sure if you had that amount to invest, you'd probably be looking further afield than Tesco and as for not giving you the bonus rate if you have over that amount just creases me up:rotfl:

Quote
You will earn interest on your Account at a Standard Rate (variable)plus any fixed bonus interest rate which you are eligible for.
Bonus interest rates will only be paid on the first £1,000,000 in your Account. Any money you have in your Account over that amount will earn interest at a Standard Rate (variable)
.
Confirmation of the Standard Rate (variable) and the bonus interestrate can be found on the Interest Rates leaflet enclosed with your Welcome Pack.