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What to do with £3,500 savings?

by shelly10 29 October 2009 |

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I have had £3,500 in a lock away savings for 5 years and has now matured and because of the current climate i made absolutely nothing.

I am therefore looking for what to do with this money now. Is splitting it and putting it in different places a better option? I deffinatley will be only locking things away for more than 2 years in the future! Any advice on where the best rates are at the minute or any other advice much appreciated

Thank You

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shelly10 posted
Sorry i meant deffinately WONT be locking it away for more than 2 years
Posted on 29 October 2009 | Love 0 loves Report
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Donna Ferguson posted
Have you used up your ISA allowance? If not, you can invest £3,600 in an ISA this year.

This cash ISA from Abbey is a best buy as it pays 3%, but only on balances of £9,000 or more. So you'll need some ISAs from previous years to take advantage of that one.

If you haven't got enough already saved up in ISAs to meet that £9k balance requirement, the ING Direct Cash ISA is also pretty good and pays 2.5%. Just be aware that ING is protected under the Dutch deposit scheme, not the UK one.

Here's a round-up of Top cash ISAs for every pocket, which we published yesterday on lovemoney.com.
If you have used up your ISA allowance, the best easy-access account is Citibank's flexible saver, which pays a variable rate of 3.3% AER. But I like ING Direct's easy account at 3.2%, because the rate is fixed for a year, so you know exactly what you're getting and won't have to worry about the rate falling. But it still allows penalty-free instant withdrawals.
Alternatively, if you don't mind locking your money away for a year or two, have a read of this article on Brilliant bonds for all savers. I like the NS&I bond a lot as it's 100% safe.
Hope that's helpful. There are some more savings accounts here.
Posted on 29 October 2009 | Love 0 loves Report
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massive posted
NS&I are paying 3.95% for a one year bond , also Investec an high five account which is currently paying 3.29% ,this account pay out the average of the five highest saving accounts.
Posted on 31 October 2009 | Love 0 loves Report
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massive posted
Sorry thought it was £35,000 please ignore the high five account it is only for people with £25,000 or more to deposit.
Posted on 31 October 2009 | Love 0 loves Report

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