Suggestions Please?

markeboyvortex

I have been reading the forum this week with great interest.

My existing ISA matures today and I now have around £8k.

Funds will need to be accessible in 2 years.

Suggestions please?

innovate

What did you not find when reading this forum?

le_loup

C'mon OP. Just a little more effort required.

markeboyvortex

Correct me if I'm wrong but wouldn't my best option be to keep my money in current accounts?

Nationwide - £2500 (5% between £1 - £2,500)
TSB - £2000 (5% Up to £2000)
Lloyds - £4000 (4% between £4,000-£5,000)

jimjames

markeboyvortex wrote: »

Correct me if I'm wrong but wouldn't my best option be to keep my money in current accounts?

Nationwide - £2500 (5% between £1 - £2,500)
TSB - £2000 (5% Up to £2000)
Lloyds - £4000 (4% between £4,000-£5,000)

Yes. Add in Halifax too for an extra £75 gross pa.

As an individual you can get £10.5k into those accounts and as a couple £21k.

An ISA is currently pointless for those with less than £15k in savings and complete waste of time for anyone with under £2k which is the average UK savings level. For £15k you can always put it back into an ISA again when rates improve as that will be limit from July.

Archi_Bald

If you stay within the £15K allowance for the year, and if you are a BR tax payer, it almost certainly is.

Remember the rates are variable on those accounts and there are pre-reqs but they are easy to meet (separate threads around the forum for these). Also, the FlexDirect only lasts 1 year.

The additional interest is worth the extra effort IMO.