best interest short-term?

sophthenurse

Hi there,

I have about £17000 to keep tucked away until the end of the year time, when I should hopefully then have £20k to use as deposit for a house. My ISA has bottomed out so I was thinking of a new one, but they are only 2% ish, unless you fix, which I can't do when I'm only making a 4-6mth investment. Any suggestions of how to get the best interest in this time frame, with this amount of money.

Thanks

saintalan

sophthenurse wrote: »

Hi there,

I have about £17000 to keep tucked away until the end of the year time, when I should hopefully then have £20k to use as deposit for a house. My ISA has bottomed out so I was thinking of a new one, but they are only 2% ish, unless you fix, which I can't do when I'm only making a 4-6mth investment. Any suggestions of how to get the best interest in this time frame, with this amount of money.

Thanks

Hi and welcome to the forum.

You dont say where the £17k is now - that might help others to help.

Cheers

Alan

saintalan

A quick thought a Santander 123 current a/c would give you 3% (less tax) up to £20k better than any savings or ISA would give you and if you have not already got one check for any sign up cash-back offers! £55 here!

KonkyWonky

Coventry BS have a 2.6% Easy Access ISA at the moment.

Obviously you would need to park the rest elsewhere and the Santander 123 Current Account paying 3% (but subject to tax) would be ideal assuming you are prepared to have your wages paid into it and move your direct debits over to it. The account does charge a £2 monthly fee but also offers cashback on certain utilities provided you pay by direct debit, there is a calculator on their site to let you work out roughly how much cashback you would be entitled to. Don't forget to apply via Quidco or TopCashBack in addition to this.

saintalan

KonkyWonky wrote: »

...

... and the Santander 123 Current Account paying 3% (but subject to tax) would be ideal assuming you are prepared to have your wages paid into it and move your direct debits over to it. ....

I haven't checked this year but I opened mine last year and just paid in £1000/month and switched 2 DDs with no problem! Since then I have switched all DDs that give cash-back.

Cheers

Alan