What should i do with £6000 for 3-4 months?

Huw333

As the title says, i have £6000 which i am havening returned to me after trading my car in and buying a new car - the new car is on finance as i get an extra £1000 off but i want to pay the whole balance off as soon as possible (which will be in 3months). Would i be right in thinking i should put it in a savings account that pays monthly interest?

Huw.

Calchas

Presumably you wish to make the money grow as much as is possible without taking risks.

Do you use Individual Savings Accounts ordinarily?

If the answer is no, you may consider putting half the money in one: simply because interest gained is tax free, which increases the return consirably.

As to the other half, there are some decent three month fixed rate deals at the moment which you may also consider.

The fixed rates referred to are varying daily so it is important to check the options yourself or keep an eye on this board as members often post what are currently (at the time of posting) the best deals.

I hope this is of some assistance and will give you food for thought until some of the moneysavingexperts come along.