Where shall I put my money?

CDiggory

Hi all,

I seek advice on where to put my money before the help to but ISA comes in to place next year.

I currently have £10,000 sitting in a basic savings account but I wish to transfer it somewhere where I can accrue some form of interest and then when the help to but ISA comes into place next year, start placing money in to that account.

I understand you can't have a help to but ISA at the same time as say an e-ISA or cash ISA. I currently have an e-ISA with Natwest which is a hangover from old savings which has a small amount in.

So my question is, where shall I put these savings? I'm a little confused by all the options so some clarity will help.

Thanks

xylophone

A TSB Classic plus current account, a Nationwide flex direct current account, two BOS with Vantage current accounts or two Tesco?

Cycle the money round to meet the paying in conditions.

Move the interest to the account with "room" in it.

CDiggory

Thanks xylophone. So I'm seeing that the TSB/Nationwide accounts are the interest earners while the others are a place to store the money which is used to add money to?

Can you confirm that you can take money out of these savings whenever?

george4064

I know that you can take money out whenever from the TSB and Nationwide accounts, personally I haven't researched the BOS/Tesco accounts (but I would think they would be the same).

Archi_Bald

CDiggory wrote: »

Thanks xylophone. So I'm seeing that the TSB/Nationwide accounts are the interest earners while the others are a place to store the money which is used to add money to?

Can you confirm that you can take money out of these savings whenever?

They are all interest paying current accounts; by their very nature, you can pay money in and take it out whenever you like.

Many accounts have pre-requisites for paying interest.

All of them will currently pay more interest than an ISA will. Interest rates are variable.

themanfromamarillo

I understand you can't have a help to but ISA at the same time as say an e-ISA or cash ISA.

Sort of, you can't subscribe to a cash ISA and Help to Buy ISA in the same year. That means you can't put new money into both of them in the same tax year.

AndyT678

BEINGREAT wrote: »

If you are brave enough and have s a strong heart, you can try to invest into the stock market. High risk, can earn high revenue.
Need to be careful.:(

Not sure if this is spam or just !!!! advice :huh:

CDiggory

themanfromamarillo wrote: »

Sort of, you can't subscribe to a cash ISA and Help to Buy ISA in the same year. That means you can't put new money into both of them in the same tax year.

So I can technically take the money out of my ISA into those current accounts at the time I wish to subscribe to the help to buy ISA?

Thanks for the help chaps.

MDMD

CDiggory wrote: »

So I can technically take the money out of my ISA into those current accounts at the time I wish to subscribe to the help to buy ISA?

Thanks for the help chaps.

Not just technically

Money can go in and out of a current account as many times as you like. I use a hub and spoke approach so one of my accounts had £25000 going through it in August!

As long as you meet the interest requirements for the particlar account you're OK.

WIth ISAs you will probably be only able to pay into a cash ISA or a HTB ISA in the same year. I say probably as Nationeide allow you to pay into multiple Nationwide ISAs as they regard them as one product for ISA registration purposes.

colsten

CDiggory wrote: »

So I can technically take the money out of my ISA into those current accounts at the time I wish to subscribe to the help to buy ISA?

Assuming your existing ISA is easy access, you can withdraw money from it any time you like. There is no link to the HTB ISA you haven't yet got. From the sounds of it, it is easy access, and also a very low interest rate.

The sooner you move the money into a good current account, the sooner you will be getting half decent interest for your money.