What should I invest....

k1rkyc

£5000 into? An ISA?

I have the money to get a new kitchen but have decided to do the garden this summer and then do the kitchen next year so wondering what to do with the money until then. At the moment it's sat in my bank account!

I'm sure you all have some ideas

Thanks!

dunstonh

You shouldnt invest the money with that short timescale. Investments typically need terms in excess of 5 years. Stick to savings.

k1rkyc

Perhaps I used the wrong term 'invest' - I meant - what sort of savings account should I put it in for a year?

whu

if you are a tax payer you could put it into a fixed rate ISA as the interest you receice at the end will be tax free - if you could get a savings rate that will give you more after tax then put it into that bank account - have a look at best buy tables to compare although i think the ISA rates will be better and definately if you are a higher rate tax payer

k1rkyc

Thanks whu - yes I am a tax payer. Can you point me in the right direction of the comparison tables please? Thanks for your help!

whu

no probs - have a look at https://www.moneysupermarket.com