Short Term Home for Cash

michsmit

Where would you put £10k in the short term (1 year)?

Mortgage has an early repayment penalty of 4% so not an option to overpay beyond the 10% threshold.

ISA is an option but interest rates seem so low and stock values so high it seems an unwise place in the short term.

Any suggestions would be most welcome.

YorkshireBoy

Are there two of you?

michsmit

Yes there are

YorkshireBoy

3 Nationwide FlexDirect (one sole each plus a joint) and a Flexclusive Reg Saver each will mean all your £10K is making 5% AER from June onwards.

Switching a sole account each into Nationwide will generate another £400 in referral incentives.

So a near £900 payday...that's almost 9% on your cash!

MonroeM

YorkshireBoy wrote: »

3 Nationwide FlexDirect (one sole each plus a joint) and a Flexclusive Reg Saver each will mean all your £10K is making 5% AER from June onwards.

Switching a sole account each into Nationwide will generate another £400 in referral incentives.

So a near £900 payday...that's almost 9% on your cash!

How does the switching/referral incentive work out at £400? If one of them opens a FlexDirect account and refers the other that's only £200 or can you refer the joint account as well?

YorkshireBoy

MonroeM wrote: »

How does the switching/referral incentive work out at £400? If one of them opens a FlexDirect account and refers the other that's only £200 or can you refer the joint account as well?

One refers the other...and other refers the one!