How to invest £15,000?

samsmoot

Hi,

Any ideas for opening a fixed or variable interest joint account? A term of at least a year, maybe three, loss of interest if withdrawal is made is OK. It's more for ease of access in emergency, and an ISA isn't suitable.

jimjames

If its only for a year then you don't want an investment, just find the best paying savings account. If you haven't used your ISA allowance you can use just over £5k for that.

No reason why you can't use an ISA for it, you lose the tax free status on money withdrawn but most ISAs will let you take money out when you want.

innovate

2 x 2.5K into Nationwide Flexdirect for a year, at 5% AER
Rest into two Lloyds Vantages (3% AER), or 1 Santander 123 (3% AER but costs £2/mth if there are no qualifying DDs).

Cash ISAs would be suitable in principle but basically none about now that pay as much as the above.

samsmoot

innovate wrote: »

2 x 2.5K into Nationwide Flexdirect for a year, at 5% AER
Rest into two Lloyds Vantages (3% AER), or 1 Santander 123 (3% AER but costs £2/mth if there are no qualifying DDs).

Cash ISAs would be suitable in principle but basically none about now that pay as much as the above.

Now that sounds like a good deal or two - I will investigate - cheers!

Agentwalker

How would the Lloyds Vantage work though as looking at the site it states

"To get interest paid each month, all you need to do is pay at least £1,000 into your account during the calendar month"

so based on that you can't stick in the full amount in one go then leave it or have I missed a trick somewhere ?

badger09

Agentwalker wrote: »

How would the Lloyds Vantage work though as looking at the site it states

"To get interest paid each month, all you need to do is pay at least £1,000 into your account during the calendar month"

so based on that you can't stick in the full amount in one go then leave it or have I missed a trick somewhere?

Yes, you've missed several tricks

You can't quite 'stick in the full amount in one go then leave it in' but its not difficult to fulfil the £1k per month funding requirement as internal transfers work very well . Have a read around the forum for more creative ideas

socrates

innovate wrote: »

2 x 2.5K into Nationwide Flexdirect for a year, at 5% AER
Rest into two Lloyds Vantages (3% AER), or 1 Santander 123 (3% AER but costs £2/mth if there are no qualifying DDs).

Cash ISAs would be suitable in principle but basically none about now that pay as much as the above.

Just to clarify a couple of points

NW FD - can you officially hold two accounts and get paid 5%?

123 Account - thought if you did not have 2 active dd's you never got any interest?

saintalan

socrates wrote: »

...123 Account - thought if you did not have 2 active dd's you never got any interest?

Yes as well as the £2/month you must have 2 active DDs. Also the monthly deposit must not be from another Santander a/c in your name.

Cheers

Alan

gkerr4

i think you 'still' get charged the £2 even with the DD's don't you?

we opened one last month in my wifes name and created 4 dd's - all the ones that are elligible for cashback basically - you still get charged the £2, but my council tax bill DD alone gives more than that in cash back so i' not bothered - we pay in just enough to cover the DD's at the start of the month and by the end of the month it is back to where it started - the intention is that it will start and finish the month at exactly the £20k figure as this is all you get interest paid for.