I have got around £2000 to put into a savings account but I am a bit confused. I can leave it in to bank and not touch it for 2 years if that helps. But what is the best account for me to put the money into (I have it as cash).
So does anyone know the best account I can put this money into?
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- Thread Starter
- 14-07-2009 20:01
- 14-07-2009 20:29
At the moment, its very difficult to get anything, due to the very low interest rates.
You may want to consider a savings account, or maybe an ISA account.
That should help you out a lot.
- 14-07-2009 20:37
you have £2000 cash?! what did you do, rob a jewelerry store or something :P
on a serious note, do as the post above says. ISA's ftw.
- 15-07-2009 15:52
If you're happy enough to leave it for over a year, then there are some savings accounts with 2 year bonds ad 4% interest (last time I checked that site). ING Direct have a savings account that is 3% interest (fixed, unlike most variable accounts which are too low at the moment) for a year and you can access the money at any time without any charges.
Take into consideration if the interest rate is fixed or variable, if there's a charge to dip into your savings, how often you're given the interest (most are annual) and what the minimum amount is that you can open it with.
ISAs are a good alternative to savings accounts but most interest rates are really low atm.