Where to put cash for nine months?

britbat

Hope this simple question isn't too simple, but I've tried to do the research myself and it makes my head spin.

I need to put away £5000 until the next ISA allowance - eg for 6 - 9 months. My current ISA is full and I don't need to touch the money I want to put away.

I'm a basic rate income taxpayer, low risk profile, no debt. So a six or nine month fixed deposit seems like the best option - but I'm struggling to pick the right one, or know whether that is in fact the best place for the cash.

Any advice would be very greatfully recieved!

wombat42_2

ICESAVE or Sainsburies will do fine.

noh

The Halifax have a fixed rate for 9 months at 6.56%
http://www.halifax.co.uk/savings/fixedwebsaver.asp

Nigel

Bokkens

personally I would pick a internet savingsaccount so that you can access it out of working hours and move you money around without having to visit the high street,Icesave for me.

noh

The Halifax one is a web only account.

isofa

Icesave get's my vote, but Sainsbury's is offering a better rate.

Bokkens

isofa wrote: »

Icesave get's my vote, but Sainsbury's is offering a better rate.

then you need to look at the supporting services behind the good rate,can you get your money instantly is that important to you,interest paid annually may not be what you want so check that and also can you leave without any penalties or restrictions?
If you are happy with all of that go ahead or you could open both accounts and move your money between them and [EMAIL="ISA'@s"]ISA's[/EMAIL] to get the maximum tax free interest over the year.