Quick, where shall I put this 40K for a few months?

fimonkey

Question's in the title. I have a websaver with the Halifax which is 5% groass AER, and a plus saver with A&L but I can't find interest rates for that. My ISA allowance for his year is full, ... and I might need the money in a few weeks time as a deposit on a house (IF I decide to buy).

Otherwise it's a trip to a financial advisor to know what to do next. (Any ideas)?

Cheers

YorkshireBoy

For the sake of "a few weeks", bung it in the 5% Websaver (may go to 5.25% with the lastest BOE rate increase).

Re the A&L interest rate...

A&L website
Savings
Interest rates
Easy access savings accounts
Scroll down to PlusSaver

...but to save you the trouble, it's 4.8% gross AER.

inmypocketnottheirs

https://www.citibank.co.uk 5.8% gross

pjala

Then feed it into a regular saver YBS at 7% for 500 per month or 250 cant remember which.

adamplatt

If its only for that short a period of time shove it in the higher rate account of the two which looks like the websaver. No point spending time opening new accounts and things.

PosterBoy77

Surely ICESAVE or ICICI savings accounts would be best? The Halifax Websaver is becoming quite a poor product after they failed to pass on the last rate increase.

adamplatt

Maybe but it could take a week, maybe two if they ask for proof of ID to get an account setup with them and if he needs the money in a few weeks then most of the time would have been wasted waiting for the account to open.

sortofok

fimonkey wrote: »

Question's in the title. I have a websaver with the Halifax which is 5% groass AER, and a plus saver with A&L but I can't find interest rates for that. My ISA allowance for his year is full, ... and I might need the money in a few weeks time as a deposit on a house (IF I decide to buy).

Otherwise it's a trip to a financial advisor to know what to do next. (Any ideas)?

Cheers

I'll look after it for you

PosterBoy77

adamplatt wrote: »

Maybe but it could take a week, maybe two if they ask for proof of ID to get an account setup with them and if he needs the money in a few weeks then most of the time would have been wasted waiting for the account to open.

Reading the original post, it seems the money is already in a Websaver, so it is not in limbo. However, if teh money is going to be kept on deposit for a few months it would make sense to move it to a higher paying account. It may well take two or three weeks, but as the money is in the websaver, it would be better to be moved out in a few weeks time to get a better rate elsewhere for a few months.

On a sum of £40,000 the difference between 5% and 6% will be about £1 per day. Therefore about £30 per month.

fimonkey

Cheers All. As of today it's in my Barclays current account, and as of however long it takes an internet transfer to go through on a bank holiday weekend it will then be in my Halifax websaver.... Take your point about the interest difference....

So then is ICICI and/or Icesave the best? (I keep reading horror stories about them though. Are they really that bad)? Also looked at citibank, but saw heaps of bad reviews about their customer service and call centres)

Thanks once again.

rash.m2k

In my pocket!