Where should my money go??

xylophone

Thanks for the replies so far guys, most helpful! Looks like two TSB accounts might be the better solution? The house purchase could be from 6 - 18months

See post 17 above - don't forget to register for paperless statements and paperless correspondence when you open the accounts.

travis32

RBates82 wrote: »

Hi guys,
I'm confused. I have between £3-4k sitting in my current account. (Stupid, I know )
Where should I place this money? My partner and I will be using this as part of a house deposit, so I'm not entirely sure how long the money can stay in a savings account or isa.
What does everyone think?
Thanks,

It depends on you where & in which bank you wanna save your money. Different banks have different policies, and they will give your money back after a specific time period.

delmar39

I'd definitely go for a cash ISA at the earliest opportunity and then set up regular direct debit to top it up.

innovate

delmar39 wrote: »

I'd definitely go for a cash ISA at the earliest opportunity and then set up regular direct debit to top it up.

can you explain how this would be best for the OP?

badger09

delmar39 wrote: »

I'd definitely go for a cash ISA at the earliest opportunity and then set up regular direct debit to top it up.

innovate wrote: »

can you explain how this would be best for the OP?

In addition to explaining how this would be best for the OP, can you also please say which cash ISAs allow you to 'set up regular direct debit to top it up' :cool:

delmar39

innovate wrote: »

can you explain how this would be best for the OP?

It's currently sitting in a current account so by moving it into an ISA the benefit is immediate.

delmar39

badger09 wrote: »

In addition to explaining how this would be best for the OP, can you also please say which cash ISAs allow you to 'set up regular direct debit to top it up' :cool:

In three words all of them - are you not aware of the facility to pay money into ISAs or bank accounts automatically?? Perhaps if you were you should have added to my post to suggest this and be slightly more helpful.


In July the ISA limit rises to £15k so the OP won't be going anywhere near the new limit. So a regular direct debit is an option as long as the OP doesn't go over the £15k limit.

innovate

delmar39 wrote: »

It's currently sitting in a current account so by moving it into an ISA the benefit is immediate.

You need to tell us how because it isn't obvious at all what the benefit is.

innovate

delmar39 wrote: »

In three words all of them - are you not aware of the facility to pay money into ISAs or bank accounts automatically?? Perhaps if you were you should have added to my post to suggest this and be slightly more helpful.

I am sorry, but you are just totally wrong. Literally no cash ISA allows DDs, which is what you claimed, and what the question is about. Can you name any cash ISA you can deposit into by DD?

The only cash ISA I am aware of into which you can deposit by DD is from the Newcastle BS. They have just announced that they are withdrawing that facility.

Perhaps you were thinking of SOs?

eskbanker

delmar39 wrote: »

It's currently sitting in a current account so by moving it into an ISA the benefit is immediate.

You're missing the point here!

Yes, instant access cash ISAs are better than current accounts that don't pay any interest.

But, as pointed out in a number of posts further up the thread, there are a number of interest-paying current accounts which are a better bet for OP than cash ISAs.