investment

greyvanman

Hi guys, got a wee dilemma and needing your thoughts.

I've got 25k sitting and 1k per month going spare. I'd like to tuck this away for a year minimum but where is best?
After the year I'll evaluate my finances.

local bank branches offering up to 5% but some mean moving money around multiple accounts with smaller amounts in them. I just want to fire it away and set up SO for 1k from my bank.

I'm new to saving so go easy on me.

Alan.

xylophone

You'll get most interest by using interest paying current accounts.
http://www.moneysavingexpert.com/banking/compare-best-bank-accounts
Look at the terms and conditions and cycle money about as required.

Otherwise http://www.thisismoney.co.uk/money/saving/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

mgarl10024

Hi Alan,

To simplify things, there is a difference between "investment" and "saving" that it might be worth you looking into (your question contains both and they are quite different).

Eco_Miser

For the £1k I'd suggest regular savers maybe £300 at 6% in First Direct, £400 @4% in Club Lloyds Monthly Saver, and another.

For the £25k, £5 in Club Lloyds @4% (also qualifies you for the regular saver above), and £20k in Santander 123 @ 3%.

Two TSB and a Nationwide would give 5% on £6500 at the cost of opening the accounts and setting up 3 SOs to move the £500 qualifying amount around - all done online.

ETA: All rates are AER, you won't actually get that much if the account is maxed out, or if you pay tax.

Archi_Bald

15K into a 3% 1 year ISA: http://www.dotcu.org.uk/creditunion/savings/1-year-3-cash-isa.html

abdul56

The above link indicates that you can only put your tax allowance for the current year.

I wish I had seen this initially, at the beginning of Apr.

xylophone

The above link indicates that you can only put your tax allowance for the current year.

It seems to accept transfers in?
http://www.dotcu.org.uk/creditunion/savings/terms-and-conditions.html

"The minimum investment in the Account is £500. The maximum investment is your allowance for the current tax year. Transfers of previous and current years ISA subscriptions from other ISA providers ARE permitted."

Perhaps by investment they mean "subscription"?

innovate

They do accept transfers in, and also the full £15K for this year. Separate thread: https://forums.moneysavingexpert.com/discussion/4938603