RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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I have to change my savings account now I've turned 23 and have a few options open to me
1) Mini Cash Isa 4.67% interest
2) FTSE 100 tracking ISA 3 or 5 year bonded; capital safe investment but no withdrawals. £3000 minimum investment with the current ftse figures would return £1100 over 5 years
3) normal savings account but only offered 1.15% interest
I'm stuck between 1 and 2. Anyone clued up particularly about savings/investments on here?
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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i have an isa prbably the same as first, dont think it is a great investment just a good way of saving. i put £50 in it a week, will top up small amount at end of year to make it 3K
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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I've got a bit in an account doing nothing and waiting for me to buy a house.
I don't know wether to do both of them; and use the mini cash ISA as a main savings account but use the bonded account to pay off a hunk of mortgage in one go when it matures. or is it better to pay off a bigger chunk right at the start to reduce the mortgage you require?
[Edited on 16-11-2006 by LiVe LeE]
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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my mum and dad always tell me to borrow as little as possibile so id use it as a deposit so mortgage is smaller, means you arent paying very high interest when you have money there that could pay it off
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