Saving Advice

Muni_2

Help me! I have a dilemma, i need to draw out money from my savings to buy a new home.
i have around 10,000 with Kent Reliance as cash ISA from previous years transferred just last month. My other savings of 11,500 is with Index Linked saving certificate issue 14, with a three year term. Both of which have not come to maturity. Can anyone help me understanding which one to draw out and which one to leave.
Much appreciation for any replys. :j

Jonbvn

When did you purchase the Index Linked saving certificates? If more than a year ago, then you should encash these. If less than a year, if you encash the ILSC's you will get no interest.

IMHO, keep the ISA's since you cannot put money into them so easily.

Muni_2

Thank you Jonbvn, I rehinvested the ILSC's last january,I know is not even a year! Does it make any difference if its rehinvestead either than a compleately new certificate??:rolleyes:

Jonbvn

Muni wrote: »

Thank you Jonbvn, I rehinvested the ILSC's last january,I know is not even a year! Does it make any difference if its rehinvestead either than a compleately new certificate??:rolleyes:

Yes it does make a difference. If the money was reinvested from previous certs then you will get the pro-rata interest (approx 9 months). However, if the certs are completely new, then you will get NO interest if you sell them now.

HTH.