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I plan to add a minimum of £600 each month, but also need to have easy access when my house renovations start. I also have over £7k in a halifax ISA, is there a better one to move it to when I get my interest?
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83Principality bond 4.5% will take £500 per month. Here's some discussion plus this board might give you some other ideas.
http://boards.fool.co.uk/Message.asp?mid=11813883
Posted on 26 January 2010 |
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804Gill
When are the renovations due to start? There is no point in doing a 12-month fixed-rate monthly saver if you need the money before then.
Will you need all the £8,000 for the renovations as well as the extra savings and will you need some of the ISA as well?
If we know how much and how soon you will need it we might be able to help.
Mike
Posted on 26 January 2010 | Love 0 loves
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0Hi Mike, the renovations are due to start end of May. I will probably need most of it to be honest, so will need easy access. In the meantime I want add approx £600 each month and continue that savings plan past May, and into the future.
The ISA is with Halifax, I don't plan on touching that, instead when the financial year ends want to move it somewhere with a better rate. As I'm new to ISA's (only opened this one in March 08), not sure when interest is added and when I can move it elsewhere. As I am 52 I'm allowed the higher bracket ISA, so does that mean I can add the full amount in 2010?
Many Thanks,
Gill
Posted on 26 January 2010 | Love 0 loves
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804Gill
I would suggest putting your £8,000 in Coventry BS 1st Class Postal Account. 3.30% for instant access. You might get slightly better in a 90-day notice account but you would have to give notice almost as soon as you made the deposit and you wouldn't be able to adjust for a late start to the work.
For your £600 per month continued savings, you will need at least 2 accounts to cover the £600. Here are my top 5 accounts:
Norwich & Peterborough BS Family Regular Saver max £250 per month if you have dependent children. 5.00%
Chorley (& District) BS Santa Saver max £150 per month runs to end of November each year. Catch up for December permitted. 5.00%
Nottingham BS Branch Fixed Rate Regular Saver Max £100 per month and Branch opening only. 5.00%
Principality BS Regular Saver Bond Max £500 per month 4.50%
Stroud & Swindon BS Regular Saver Plus Max £250 per month. 4.50%
The Principality account would have to be re-invested in a Fixed Term Bond or some other investment, as would the Chorley account. Both are replaceable as the accounts have been around for some time now.
The N&P and S&S accounts can be continued beyond the year but on variable rates so far as N&P are concerned.
Mike
Posted on 26 January 2010 | Love 2 loves
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83Trust Mike - he's really rather knowledgeable. (but always do your research too just in case!!!!)
FYI the prinicipality bond was very eary to sign up for once I turned off my pop ups blocker.
Posted on 26 January 2010 | Love 0 loves
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804As the kids have flown the nest and I don't live in Nottingham, I actually have all 3 of the others. They are all a case of downloading an application form, completing it and sending it off with a cheque. They will come back to you if they can't identify you electronically or you can send what they ask for in the first place. They will send a standing order form for you to take to your own bank.
Chorley requires a nominated account as well so that was £1 for an over-60 account.
Mike
Posted on 26 January 2010 | Love 0 loves
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