savings....help

marie6666red

hi. my hubbie has just retired with a lump sum of around 100kl the halifax...who we are claiming bank charges from has suddenly become our best friend....forget it.....where can we put our money to earn interest without being stitched up by the banking moguls........any help appreciated. cheers marie

nilrem_2

I would suggest putting some in a high interest online account such as Icesave, which you can get at quickly and the rest in one of the high interest fixed rate accounts such as Birm Midshires, assuming of course that both you and your Husband have both used up this years ISA allowance.

We may be due for another BOE rate rise in the coming months so you may prefer to save it all in a variable rate account then fix after the next rate rise if it comes, Fixed rates are good when rates are at their peak or just about to fall!

tom188

also consider what you want to do with the money long term. generally speaking if you dont need all the money in the next 5 years sinking it all into a savings account will generally provide a poor return in comparison with other products. in fact if you are basic rate tax payer the interest you earn hardly keeps up with inflation and if you are higher rate then the value in real terms of the money you have is actually falling. if you withdraw the interest earned of course this process will happen considerably quicker.

have you considered investment options for at least some of the amount?