Where to put £4,200 for 12 months

[applecharlotte]

Hi,

I have no idea about ISA's etc but I have £4200 which I don't need to access until this time next year when I will need to withdraw it all to pay for course fees. Can anyone recommend what I should do with it to maybe make a bit of interest on it?

Many thanks in advance.

Charlotte

Lots of good deals on current accounts at the moment which are paying better than ISAs.

TSB do a 5% current account that will net you £210 in 12 months. Can't see you doing better than that in an ISA.

Easy access to your cash aswell.

Oh great thanks. That is good, I'll take a look.

I recently (around a year ago) invested a sum with the Yorkshire Building Society. It was an account which allowed one withdrawal within 12 months, IIRC, and offered a higher return rate. I was expecting to get around £20 in interest when I withdrew the money six months later, but was pleasantly surprised.

preciousbane a million quid would be handy! I'll have a look.

rpitchfo it appears the TSB account is only for balance transfers of £2k and below - though £105 on £2k is still a good return.

Thanks both.

Can you open two accounts?

yes, you can open two of the TSB accounts. You need two anyway as you have to pay money in to them each month, so you just set up a standing order to move it around.

or you could have a Nationwide account for 2.5k at 5%.

I've got an ISA with Nationwide but the rate is just about to drop right down. Will now investigate the 5% you mention.... thanks for tip!