You can put up to £30k in premium bonds & stand a chance of winning something each month which is usually better than the pathetic interest rates about at the mo. And get the dosh out again with about a 2 week notice.
(This is obviously not a banker’s advice and is a bit of a gamble as you may not win anything but we think it’s worth a try)
The Santander 123 account is a great deal. If you open an account with them and pay in only £500/month the will pay you interest on the balance you keep in there up to £20k - good interest - 3%! On 20k that is almost £40 per month after tax (which they withold). The account is a normal current account so you can get your money anytime and the have a credit card which also pays cashback - 3% on fuel purchases - so again - very nice. The account costs £2 per month - but it’s very easy to beat that in interest coming back at ya.
If you have larger sums than that sitting around then you should consider what you want to do and how long you plan to keep it. You should speak to an IFA about that. My sister is an IFA (and a good one at that), but she charges for her time so it’s only worth speaking to her if you have a niceish nestegg. If you want the cash available and we’re talking less than 50K then Santander account and an ISA is what I would be doing…
If you haven’t already, use up your Cash ISA allowance for 2012 / 2013 (£5,640), then when the new tax ISA season comes in (April 6) you can use the 2013 / 2014 allowance (£5,790).
You’ll need to do some research to get the best interest amount http://moneyfacts.co.uk/compare/isas/cash-isas-variable/ - looks like 2.5% - 2.8% - Main advantage is you don’t have to tell the tax man about interest earnt - tax free.
If you’re feeling more adventurous look down the Equity ISA route.
ahem, am guilty of that already, 2 bikes so far 1 harley and now a triumph bonneville, some has been spent on beer of course, lol
but yes good has been kept on track and some good advise but i still dont know wot to do, lol