£4000 to invest BUT NOT ON-ONLINE

SirSaveALot_2

glicky wrote: »

She hates using computers - go figure? I've had numerous discussions with her about it - because I personally find them better, but that's her. :rolleyes:

Hi glicky

If it's just because of computers, could she go for a telephone or postal operated account?

One quick question - does she have an ISA already? If not, she should probably put it in an ISA. She will have to put in 3000 now and wait until the next tax year (April) to put the rest in.

Martin's top pick in http://www.moneysavingexpert.com/savings/best-cash-isa, NS&I, can be operated by telephone, apparently.

If she does have an ISA already, suggest she checks if she can get a better one anyway at http://www.moneysavingexpert.com/savings/cash-isa-transfers. And the telephone operated non-ISA savings accounts suggested by Lavendyr look good (6.25%, 6.3%).

If she really wants a branch-based account, the best branched based ISA (from a bank that's likely to have a branch nearby) that I found on moneysupermarket was 5.35% at Natwest - considerably less than 6.05% from NS&I... That's £28 less in interest in the first year on £4000 my calculations, or £461 compounded over 10 years (I ignored the time when only £3000 is in the ISA until April).

For a non-ISA savings account, it's even worse. The best I found (again only from someone likely to actually have a branch nearby) was 4.75% from the Co-operative 'Smart' saver.

Hope this helps
SirSaveALot

PS. Assuming she has no debts, as she should probably use the money to pay these off before saving.

Mikeyorks

glicky wrote: »

It's sitting in a current account at the moment doing nothing.

In which case it's more than likely that her existing Bank has at least a semi-decent savings account that will solve her problem? Couldn't be more convenient ..... both accounts via the same doorway .......and not a PC in sight?;)