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Premium Bonds, ISA or something else over 12 months?

I have £2500 from a Bingo win that's just been cashed and is staring at me from my current account.
I also have £5700 of credit card debt, which is all on one card and interest free until September 2020.

I was going to pay it off the card right away, then from my May salary, I had planned to pay off £300 PM onto the card so I can clear it in 12 months (Save for maybe a bit less at christmas time)

However, as it's interest free, I just had the revelation that I could actually make that money grow over those 12 months. I've looked into an ISA and the amount seems to be negligible, then I thought about Premium Bonds, and although it's not guaranteed, there's always a chance?

Anything else I could do to potentially make that money grow more and pay the card off quicker?

Comments

  • dcs34
    dcs34 Posts: 783 Forumite
    Eighth Anniversary 500 Posts Name Dropper
    Do you have all current accounts paying 3-5% interest? Nationwide, TSB, Lloyds, HSBC, First Direct?

    Could you put that £300 PM into a regular saver at 3-5% and then pay off the card in one go rather than over the year? So you can ensure it won't be spent but will actually benefit you rather than being 'lost' straight away to pay off a 0% interest debt?

    Depending on the current interest rate of your account there are worse things to do than stick it in Marcus at 1.5% - would earn you £40ish.
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