what shall we do with our moola?

[crisgal]

we have about 15K for around six months.
Does anyone know how to make best use of it?
We would like it to earn something, but we may need to withdraw some.
Our 3 children have savings accounts in the halifax that earn them good interest - are we allowed to split it between them?
we would appreciate any advice!

[johnny37]

The most you could earn in a deposit account at the moment is about �350 (5.7% less 20% tax for six months). If you children do not pay tax it would be �425.
I would be inclined to take a punt at premium bonds. The winnings are tax free. If you do not win anything (unlikely) the most you have lost is �425 interest. Get your applicarion by next wednesday (last day of February) on line so you can take part in the April draw on 1st April

[lady_p_gold]

Premium bonds, I agree totally. You should have a few wins with that number of bonds and then you can just cash it at the end.

[dancecaller]

Childrens accounts are taxed at the parents rate if the money comes from the parents, so no tax advantage.
And there may be restrictions about withdrawing it (as it's the childs money not yours).
Have you got a cash isa. Those are tax free. You could put 3k each in that and the rest in an instant account. ING pays 4.75 % , and you can also open an internet account with them paying 5.65% AER.
My Abbey isa pays 5.35 tax free, there may be better.