£10k in saver account or 2x£5k in mini ISA's

beekeeper21

Any advice greatly appreciated.
Me and my partner have just had a windfall and have £10k (after we paid off debts). We will probably spend it within the next 18 months but I'm looking to get the most out of it while we have it. I can't work out if I would get more from putting as one lump sum into one of the top instant access saver acounts and paying the tax, or splitting it and opening an ISA each for me and my partner. If we act soon we can probably both stick £3k in now and £2k at the start of April so we both have an account with £5k. rather than one account with 10K. I'm just to stupid to work out the maths as to which gives us the better return over 18 months.

fagun

beekeeper21 wrote: »

Any advice greatly appreciated.
Me and my partner have just had a windfall and have £10k (after we paid off debts). We will probably spend it within the next 18 months but I'm looking to get the most out of it while we have it. I can't work out if I would get more from putting as one lump sum into one of the top instant access saver acounts and paying the tax, or splitting it and opening an ISA each for me and my partner. If we act soon we can probably both stick £3k in now and £2k at the start of April so we both have an account with £5k. rather than one account with 10K. I'm just to stupid to work out the maths as to which gives us the better return over 18 months.

If you pay tax then ISA is better (as long as you go for a best-buy, currently IceSave).

zzzLazyDaisy

Or put some of it in Barclays Tax Haven Isa at 6.5% (but you do have to tie it up for a year)