advice needed please

billywhizz666

hello we have 2 isa,s with Barclays and have just been informed that the meagre interest rate applicable is reducing on both of them shortly,,were ordinary working people who have spent 35 years getting to were we are now,,we have about another £5000 to invest or save now and the 2 isas are worth that amount each,, we can put 10,000 of that away forabout 5 years if necessary but urgently seek advice on best way to save please

ChopperST

Your post is quite vague. You also refer to "investing" and "saving" as if they are the same thing when they are chalk and cheese.

How old are you?
Do you own your own house (is it mortgaged)?
Do you have your own pensions?
Do you have any debts other than your mortgage?
What is your attitude to risk?

Are just a few simple questions to ask your self to allow people to give you reasonable advice. If you are considering investing (equities, funds etc.) then 5 years is quite a skinny timescale to minimise risk. Investing you should really be looking at 10 years plus...

helptoyou

The Following are available from Leeds B/SOC. Though if i was in your position I may look for the best Instant Access deal and then look to find the best rates available next March/April when The banks / Building societys Normally launch ISA products with Bonus rates (I say Bonus rates in small letters!!!)


5 Year Access ISA (Issue 2) Full Details
Investment Tax-free§ p.a./AER†% (Fixed) Withdrawal Terms Payment of Interest
£1+
2.90%
Withdrawals/transfers can be made of up to 25% of your capital investment prior to maturity (2 December 2018) without notice or loss of interest. If you exceed this limit, the account will be subject to 180 days loss of interest or an equivalent amount on the amount withdrawn/transferred. Interest is paid annually on 2 December (commencing 2 December 2014) and on maturity (2 December 2018). Interest can either be credited to the account or transferred either to another building society/bank account or to another account held with the Society.
The minimum subscription and operating balance is £1 and the maximum subscription is £5,760 in 2013/14 tax year plus previous years' subscriptions, whether held with the Society or another ISA manager, plus accrued interest credited to the account. Further subscriptions in future tax years are not permitted.


5 Year No Access ISA (Issue 2) Full Details
Investment Tax-free§ p.a./AER†% (Fixed) Withdrawal Terms Payment of Interest
£1+
3.05%
Withdrawals/transfers cannot be made without notice or loss of interest prior to maturity (2 December 2018). If a withdrawal is made, the account will be subject to 180 days loss of interest or an equivalent amount on the amount withdrawn/transferred. Interest is paid annually on 2 December (commencing 2 December 2014) and on maturity (2 December 2018). Interest can either be credited to the account or transferred either to another building society/bank account or to another account held with the Society.
The minimum subscription and operating balance is £1 and the maximum subscription is £5,760 in 2013/14 tax year plus previous years' subscriptions, whether held with the Society or another ISA manager, plus accrued interest credited to the account. Further subscriptions in future tax years are not permitted.

billywhizz666

thank you I really appreciate our help