£8k for two months

MORPH3US

Hi folks,

GF has recently took out an £8k loan to buy a new car. The loan cash is in the bank but now the car is delayed until December.

That means in the next two months we want to get maximum interest from the £8k with no risk.

Is there anything I can do with it quickly to maximise interest earned?

I currently have an NS&I isa I could put it in, but what about taking it out later, will that cause problems to me later?

I also have a Nationwide "high interest" savings account and Nationwide / Alliance and leicester current accounts.

M

Mr._H_2

MORPH3US wrote: »

I currently have an NS&I isa I could put it in, but what about taking it out later, will that cause problems to me later?

You certainly couldn't put it all in, because you're only allowed to put £3000 this tax year into an ISA. How much have you paid in since April 6th?

Yes, there are "problems" with taking money out of an ISA, in that you can't put it back. For example, if you put £3000 into a new cash ISA on April 6th, then withdrew £1000 on April 7th, you would not be allowed to deposit any more money into that ISA that tax year, even though the amount in it is £1000 less than your "allowance".

MORPH3US wrote: »

I also have a Nationwide "high interest" savings account

I doubt that it is high interest. You should open an ICEsave account, put the £8k in there, and move all your Nationwide savings into it, too.