Short-Term Savings Vehicle

I would like to open some sort of savings account into which I can deposit money at irregular intervals over the next twelve months, with the goal of accumulating a lump sum towards the end of 2015.
I expect not to need to access this money during the next year but I can’t be 100% sure of this.
Can someone please suggest the best type of account for this purpose – a Cash ISA, current account etc?


  • Fruit_and_Nut_Case
    Fruit_and_Nut_Case Forumite Posts: 4,617
    Mortgage-free Glee!
    Approximately how big are you hoping this lump sum will be at the end? The recommendation is likely to be one or more current accounts, depending on your response.
    Are you for real? - Glass Half Empty??
  • colsten
    colsten Forumite Posts: 17,597
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    A cash ISA is almost certainly your worst choice, due to the dreadful cash ISA interest rates. To receive more useful comments, you would need to provide additional information, such as your tax rate and your minimum and maximum monthly deposits.

    And oh, please do use the default font - you are likely to get more helpful answers if you do because people will be able to read your postings without magnifiers.
  • ShootForTheMoon
    ShootForTheMoon Forumite Posts: 393
    Ninth Anniversary Combo Breaker
    There are manny current accounts that are paying better rates of interest than ISA's at the moment... A quick search of the forums will reveal many different combinations suited to different needs and preferences... It's hard to say without knowing a little more about the amounts you'd like to save and how you'd prefer to do it!

    From a personal point of view, my savings are tucked up in the below accounts:
    TSB Classic Plus pays 5% on balances up to £2k (x4 accounts),
    Lloyds Club paying 4% on balances up to £5k
    Santander paying 3% on balances up to £20k

    There are others as I've mentioned, but for me, this works... :)
    "I am the master of my fate. I am the captain of my soul"
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