30K to invest Short Term

sarge123

Hi all,

I am after a bit of advice. I am having some work done on the house and have got a home improvement addition to my mortgage of 30K.

Obviously, the money has been allocated to certain people, but until they need the money, what would be the best way to invest it? I would need instant access, to allow me to use it.....

I currently have normal accounts with the Halifax, the Abbey and the HSBC. So i assume something from one of them, which allows me to transfer money to my normal account and hence the ability to use the normal cash card would be best, but i'm not sure, hence my request for assistance:rolleyes: .

Am also thinking of maybe putting 3.6K in an ISA, and spending that money last.

Many thanks for all advice received...

BTW, thanks to you, i went to IKEA for their 21% day and saved a few hundred pounds...thanks for that.

dunstonh

what would be the best way to invest it? I would need instant access, to allow me to use it.....

Forget investing. You dont have the timescale. You need to stick to savings. In which case, take a look at the usual interest rates lists published on the site

Dan29

dunstonh wrote: »

Forget investing. You dont have the timescale. You need to stick to savings. In which case, take a look at the usual interest rates lists published on the site

or just check the websites of the banks you're already with. e.g. Halifax Web Saver is 5.75% gross (inc bonus until 18 July), Abbey eSaver is 5.65% gross. Just make sure they don't penalise you for withdrawals.

Paul_Herring

Just make sure they don't penalise you for withdrawals.

.. or have abysmal rates of interest.

Dan29

Here's an account from Abbey that looks good if you don't need internet banking: http://forums.moneysavingexpert.com/showthread.html?t=890117

moneysavingwannabe

You will need to withdraw large amounts over the counter we wrote a cheque for cash each time and presented ID. Switch cards will be limited.

We put as much as we could onto a 0% credit card obviously not builders cos they like cash!:D But we had a new kitchen, bathroom etc then we had our savings in ISAs, high interest acounts etc. We aim to pay cc off before 0% ends and pocket the interest earned.

Oh a monthly interest account would be good as annual isn't going to be much use.