Money

[lukey121]

I am 24 and have been left �75,000. At the moment it is in an Allied Dunbar bank account in London, the interest rate is 4.25%. I plan to put this money towards a new house in about a years time. Can anyone tell me should I put it in a different account? Do any have higher interest rates but with no risk? Any help with is greatly appreciated, as I have little money sense or knowledge.

[hectic]

You could try a post office account as they usually have higher interest rates if you put a withdrawl period on the account, if you will be using the money to buy a house then you could always put the period to 1-2 months.

[ian.miller]

Make the most of your tax free allowances too but using up your ISA allowance for 04/05 and then in april 05/06.

If you want no hassle then I'd reccommend Nationwide, their products are always consistantly well rated, and good value so whatever you do with them you wont be too far off the best you can get plus any questions and you can just walk in and ask.

Go in and book and appointment with an advisor and see what they say.

[Miss Zippy]

Tax free savings should always be your first port of call (that�s if you�re a tax payer of course) as ian.miller mentions, but the mini cash ISA allowance is only �3k a year and this is going down to a paltry �1k from 5 April this year. National Savings & Investments offer some good tax free savings products, but you need to keep your cash tied up for between 2 and 5 years.   Even with the amount you have to invest, you�re not going to get a fantastic return if you leave it in a savings account, even a high interest one.  However, if your main requirement is easy access to your money then this might not bother you. Personally, as you have a fair amount you want to save, I�d go and seek the advice of an independent financial adviser who will be able to tell you all the options open to you.

[twiglet4frog]

when u buy the house use as much of the money towards the buying as possible as the lower monthly interest on the mortgage will reap rewards in future

[bunnaaay5]

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