Where can I put 12K and gain interest for 1 month only?

trebus_2

I put 12K into my LLoyds current account yesterday which I am using as a deposit on a new house. It looks like I may be taking the money out of the account either withn 1 month or just over 1 month. I am sitting here thinking if there are any other accounts I could be putting it into to add some interest to it. Does anyone know if there are any high interest accounts that will give me a few quid on 12K but for 1 month only? (as after that there will probably only be 1 K in there!).

thanks very much

RayWolfe

Try here:
http://www.moneyfacts.co.uk/savings/default.aspx

oldfella

use the Lloyds online saver - 5.5% is not bad, and by the time you opened another account elsewhere and moved the money there and back, you would loose any gain

CLAPTON

why not open the Lloyds online saver... although it doesn't pay the best rates it seems you can open it online without any paper work.

ScooMagoo

In your shoes, although they won't be valid until the October draw, I would buy £12K worth of premium bonds... :-)

Use MSE probability calculator to see how much you could win http://www.moneysavingexpert.com/savings/premium-bonds-calculator

trebus_2

thanks vey much. Will look at the savers accounts.

Aegis

ScooMagoo wrote: »

In your shoes, although they won't be valid until the October draw, I would buy £12K worth of premium bonds... :-)

Use MSE probability calculator to see how much you could win http://www.moneysavingexpert.com/savings/premium-bonds-calculator

56% chance of winning nothing at all... Not sure that's the best recommendation I've ever heard

For 1 month in a 5.5% account the OP would get a guaranteed £44 if he's a base rate taxpayer. I'm still of the opinion that it would be better to do that and spend the money on Lottery tickets than it would be to play with Premium Bonds, as the chance of becoming a millionaire out of your money is much higher through the Lottery than through Premium Bonds!

In any case, don't Premium Bonds usually take a full month before you're eligible for a draw?

ScooMagoo

Aegis wrote.... In any case, don't Premium Bonds usually take a full month before you're eligible for a draw?

Yes - that's why I put 'they won't be valid until the October draw'... :-)

Aegis

ScooMagoo wrote: »

Aegis wrote.... In any case, don't Premium Bonds usually take a full month before you're eligible for a draw?

Yes - that's why I put 'they won't be valid until the October draw'... :-)

I was under the impression that it was literally a full month though. i.e. buying in mid August would mean you needed to wait until the start of November for the first draw with those bonds.

Is that incorrect? I've never bought any, so I genuinely don't know from personal experience, but it was what I had gathered from reading other comments here. I may well have been mistaken though

isofa

"Your Bonds become eligible to take part in the prize draws once you have held them for a full calendar month following the month you bought them. They then go into every draw until you decide to cash them in, giving you the chance every month to win tax-free prizes"

So best to buy them at the end of a month to minimise the wait!

gt94sss2

Aegis wrote: »

I was under the impression that it was literally a full month though. i.e. buying in mid August would mean you needed to wait until the start of November for the first draw with those bonds.

mid-August to the beginning of November is two complete months (September, October) not one

You only need to wait 1 complete month, so if you buy any Premium Bonds during August, they are eligible in October.

Regards
Sunil