Pop
Member
Registered: 8th May 03
Location: Reading
User status: Offline
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Hey,
We have a lump sum of money that is currently sat in a bank account accruing very little interest. Those of you in the know...
Do you know if it would be better to select an account to shift it to now or wait for the new financial year and see if there are any better deals tempting people to move their ISA's etc?
Cheers,
Tim
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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Depends how much it is. If you get it into an ISA now, you can use up your 2011/2012 ISA allowance and then transfer it to another ISA in the new tax year. That way you would get the option of using both the 2011/12 allowance and the 2012/13 allowance.
Savings accounts and ISAs are rubbish at the moment though, I wouldn't normally say this but you are probably better off buying premium bonds if you want a risk free investment.
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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FYI transferring from one ISA to another doesn't use any of your allowance.
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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Just re-read it, is it already in an ISA? Or just a normal savings account?
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Pop
Member
Registered: 8th May 03
Location: Reading
User status: Offline
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It's in a normal savings account but we have used most of our allowance already this year.
I'll have a read up on premium bonds as well. Cheers.
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strick206
Member
Registered: 12th Apr 07
Location: Wigan Drives:Integra DC5
User status: Offline
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Long time no speak Tim, deposit for a house maybe?
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Pop
Member
Registered: 8th May 03
Location: Reading
User status: Offline
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quote:
Originally posted by strick206
Long time no speak Tim, deposit for a house maybe?
Hey mate...
It is a long time no speak. Rachel and I will have had our have 3 years in July 
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John
Member
Registered: 30th Jun 03
User status: Offline
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Pay a chunk off the mortgage?
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Pop
Member
Registered: 8th May 03
Location: Reading
User status: Offline
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quote:
Originally posted by John
Pay a chunk off the mortgage?
A good suggestion. We plan to use the money in a couple of years so won't use it to pay off any of the mortgage.
We have decided to buy premium bonds and see if we win anything.
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strick206
Member
Registered: 12th Apr 07
Location: Wigan Drives:Integra DC5
User status: Offline
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quote:
Originally posted by Pop
quote:
Originally posted by strick206
Long time no speak Tim, deposit for a house maybe?
Hey mate...
It is a long time no speak. Rachel and I will have had our have 3 years in July
3 years, didnt realise it had been so long, musnt have seen you both for at least 2 years then.
I will be moving to oxford soon enough i think, girlfriend lives in reading at the moment, will have to catch up.
Mortgage down there is the aim for me as well, but no idea when that will be
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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put it in apple stock then sell after the ipad 3 announcement
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