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mrsmiff68

deleted thread

Albermarle

You are asking about saving, not investing, which is different.

Otherwise have a read through this.
Best savings accounts: 5% easy access or 6.05% fixed rates (moneysavingexpert.com)

Doctor_Who

mrsmiff68 said:

Ok, so i am not saving money savvy in the slightest so need help big time!
I have £12,000 i want to put away for a year. I won't need access to it during the year. Looking at the choices between saving accounts and ISA's, it's all too confusing for me.
I think a saving account looks the best option. I saw today that NS&I have the highest rate at the moment but says something about growth & income bonds, which i have no idea about!
Any advice would be greatly appreciated here. Thanks

The NS&I bonds are just fixed rate accounts, with the income bond paying the interest to another account every month.

saajan_12

Can advise better if you answer some questions
a) whats the chance that you do need the money within the year (eg do you have a separate emergency fund)
b) what do you plan to use the money for after a year (-> do you need to guarantee getting the full 12k back, or can you take some risk for potentially more return)
c) whats your tax band?
d) have you exhausted your ISA limit?
e) have you exhausted your pension limit and do you earn over 12k?

The above will help determine whether its better to save or invest, in a fixed or easy access account, ISA or not etc.

Doctor_Who

mrsmiff68 said:

Doctor_Who said:

mrsmiff68 said:

Ok, so i am not saving money savvy in the slightest so need help big time!
I have £12,000 i want to put away for a year. I won't need access to it during the year. Looking at the choices between saving accounts and ISA's, it's all too confusing for me.
I think a saving account looks the best option. I saw today that NS&I have the highest rate at the moment but says something about growth & income bonds, which i have no idea about!
Any advice would be greatly appreciated here. Thanks

The NS&I bonds are just fixed rate accounts, with the income bond paying the interest to another account every month.

So it is just like a normal savings account? When i saw Bonds, it threw me as i don't know what bonds are.

Yes, a normal fixed rate savings account. Check out the link Albermarle posted above and you will see the NS&I 'bonds' listed under one year fixed rate savings.

jimjames

mrsmiff68 said:

Ok, so i am not saving money savvy in the slightest so need help big time!
I have £12,000 i want to put away for a year. I won't need access to it during the year. 

Are you 100% sure that you won't need access during the year? The way you've written it suggests that this is the only money you have, is that the case or do you have a separate pot elsewhere to cover the cost if the boiler breaks down or car needs repairing?

Albermarle

mrsmiff68 said:

Doctor_Who said:

mrsmiff68 said:

Ok, so i am not saving money savvy in the slightest so need help big time!
I have £12,000 i want to put away for a year. I won't need access to it during the year. Looking at the choices between saving accounts and ISA's, it's all too confusing for me.
I think a saving account looks the best option. I saw today that NS&I have the highest rate at the moment but says something about growth & income bonds, which i have no idea about!
Any advice would be greatly appreciated here. Thanks

The NS&I bonds are just fixed rate accounts, with the income bond paying the interest to another account every month.

So it is just like a normal savings account? When i saw Bonds, it threw me as i don't know what bonds are.

Bonds is a word with many meanings which can be confusing . One reason why scammers often use it.