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Small sum,quick return
Quinny_2
Posts: 1,351 Forumite
I have £1700 to invest on a short term basis.
I want to invest now,and withdraw the money about the end of August,on an instant withdrawl basis.
What/where should I be looking?
I want to invest now,and withdraw the money about the end of August,on an instant withdrawl basis.
What/where should I be looking?
That's my mutt in the picture above.
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Comments
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Convenience over absolute BB rate IMO. Might not sound very MSE but a half % difference in rate on £1700 over 4 months after tax only results in £2.26 more interest.
So if you can use a bank/bs where you already have an account to get, say 5.5%+, then you'll get the money in quicker, earning for longer.
If you haven't used your ISA allowance consider opening one as the interest is tax free - but withdrawing in August means you can only then use £1300 of your tax free 07/08 savings allowance.0 -
If you've not got a high paying current account you could earn more on it in one of those than the best savings account in the short term you refer to. Alliance and Leicester, Coventry Building Society and Halifax would be the best choices for that (putting convenience before rates Coventry might not be the best choice).
Da MoronIf you don't like what I say slap me around with a large trout and PM me to tell me why.
If you do like it please hit the thanks button.0 -
You should certainly avoid any investments and stick with savings accounts. You dont have the time on yourside to invest unless you like taking on high risks and that rules out most people.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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>I have £1700 to invest on a short term basis.<
"Lucky Jim" in the two-thirty at Newmarket
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