What to do with £20,000 (Interest)

SmithR

Hi All,

I have roughly £20,000 saved, i will need this money in the next year or so for a deposit on a house.

Where can i put this money short term to earn the max interest, last year i put my money in these places.

£2000 TSB Classic Plus 5%
£2000 TSB Classic Plus 5%
£2500 Nationwide Current 5%
£3600 First Direct Saver 6%
£3000+ Santander Current 3%
And the rest in a Nationwide ISA 2.5%

My Problem is where to to put my money this year
my 2x Classic Plus 5% accounts i can keep
i still have my Santander as my current account

Nationwide Current 5% + First Direct Saver 6% are 12months old now and are reverting to a standard account and i need a new ISA again.

any advise on whats out there, and what i can have as I've already used the nationwide and first direct accounts

Many thanks

Rob

masonic

Club Lloyds pays 4% on up to £5k. Between that, the TSB accounts and Santander, you've probably covered the best options.

TSB rate is 5% BTW.

Edit: And you can open another FD regular saver, but not if you need the money within 12 months.

bsms1147

The TSB accounts are 5%.

Generic advice would be to; Start a new First Direct regular saver, look into the other 4% and 6% regular savers (see the mainsite) and put the rest in Club Lloyds at 4% for £5,000 and the remainder in Santander's 123.