where to put money?
 

there is about 5 grand in my new bike fund. But it is in the joint building society account that pays poo interest and I know the wife is getting into spending mode. she wants a new bedroom.

Where should I transfer the bike fund?

Decent interest, but easy access (for me). anyone recommend a safe home whilst the fund incubates to become a nice new bike. And no Davepreston you cannot put it under your bed

Re: where to put money?
 

If you have a natwest account they do an e-savings account that offers a decent rate of interest, no cards or any way to 'access' it apart from being able to instantly transfer to your normal account.

Its where I have my current going to pay for stamp duty fund (*sob* do you know how nice a bike that would buy?).

Druid

Re: where to put money?
 

Please make all cheques payable to MEEEEEEEE!!!

Sorry not really helping, last I knew anything about these matters tesco were offering some good deals.

Re: where to put money?
 

Aprilia showroom, they keep it safe in exchange for a nice bike?

Re: where to put money?
 

They branching out into selling other makes then? ;)

Druid

Re: where to put money?
 

no, but suggesting he went to suzuki or Honda or kawasaki and exchanged his cash for a ****e bike wouldn't be very nice

Re: where to put money?
 

The e-savings are only good if you applied for the account over a year ago and got the fixed 3% or 4% interest rate. If you apply now the net interest rate is something like 0.8%...not a good earner! :)

Re: where to put money?
 

Ah, I got it when it was a decent rate and actually get some interest from it (a bit better than the 0.01p I get on my current account ;) )

0.8% is pants.

Druid

Re: where to put money?
 

Yeah - I got the good rate too, just got no money to put in it! :driving:

As for where to put your money, how about get the thrill of your life and buy thousands of lottery tickets!?!? :smt023

Re: where to put money?
 

My money is in a Maltese bank, because I get a much better interest rate and the rent I charge on my flat over there is in Euros, so it's easier and cheaper to keep it in Euros and have my tenants transfer it straight into my savings account there. Rather than pay bank transfer fees I simply give my family a wad to bank on my behalf when they pop over to visit rellies, or I do it myself when I'm there.

Transfer/currency exchange fees are extortionate between my current account over here and the Maltese savings account. It is so much cheaper to take a wad of UK banknotes into the bank over there and deposit it into the Maltese account. At one point it was cheaper to buy a plane ticket and take a day out of my life to fly over and do this for as little as 1500 quid being deposited.

Re: where to put money?
 

Martin Lewis has all the answers

http://www.moneysavingexpert.com/sav...-best-interest

Cheers Keith

Re: where to put money?
 

Cash isa is the way to go, £3600 a year you are allowed to put in and any interest is tax free :D, interest isnt great at the minute anywhere but you'll pay tax on the others so will seem less anyway.

Re: where to put money?
 

Damn, beaten to it.

Re: where to put money?
 

citibank 3.5% flexible saver. e-access , unlimited withdrawls.

Re: where to put money?
 

Yeah but as soon as he withdraws it for the new bike he can only but a grand or so back in in this tax year. (IIRC the isa allowance might actually be less than that).

Re: where to put money?
 

Isn't it £3000 maximum in any one financial year?

Re: where to put money?
 

I am off to see about a cash ISA today, granted I can only put in about 3 grand this year, but can shove another lump in next financial year.

I had thought of them as locked in, but now realise so long as I am sensible they can give me better and tax free interest than my 0.1% I seem to be seeing in my instant access building society account.

BTW I pay prudence Brown at 40%, so I aim to minimise any more going to him

Re: where to put money?
 

Yes, probably. Couldn't remember if it was £3k or £6! (it's going up this year though IIRC)
In that case ISA is definitely out of the question.

Re: where to put money?
 

If you google 'isa calculator' or similar you can see if any other accounts beat an isa. They're not always the best rate. Norwich and peterborough do a regular saver at 5% so you could put all of it in a easy access savings account and direct debit it to drip feed into the regular saver.

Re: where to put money?
 

ISA, its defo £3600, i took out one last week.
but, daves right, if you withdrawl you cant put any back in until next financial year.

Re: where to put money?
 

Ask the BS if they do any fixed-term bonds. Some do them for as short a period as six months.

Re: where to put money?
 

Put it under the bed, safest place for it :)

Re: where to put money?
 

Look fool, the wife does the dobie in this house twice a week. She will soon find it as she changed the sheets. Damm stupid idea, I might as well as Preston to look after it for me. (But better off waiting till he has acquired his new bike though)