I need easy access

Tuesday, 27 January 2009 04:13

A reader from Redcar has £20,000 to save. But wants to keep easy access to his funds.

Andy McKechnie, head of sales and marketing for savings at Halifax, tackles the problem.

John from Redcar asks:

I have £20K to put to making the best interest but would need easy access to the money. Ideas please.

Andy replies:

There are a number of accounts currently available that could suit you – I’d recommend you speak to a qualified Personal Financial Advisor (PFA) to go over the options available.

The right type of account for you will depend on a number of factors, such as how often and by which means you want to operate your account. Accounts that limit the number of withdrawals you can make often pay higher, sometimes fixed, rates of interest and could be ideal if you want to make a small number of withdrawals each year.

Often you can also receive higher rates of interest on accounts which limit how you can access your money – such as online only accounts.

Fixed-rate, fixed-term accounts tend to offer higher guaranteed rates of interest – although these tend to allow little or no access. However, some providers offer terms as short as 3 months so could also be an option worth considering.

Remember, the higher the AER, the greater the return.

If you have a question for Andy, go to the myfinances.co.uk Ask the Savings Expert section.

Or for more information on your savings options go to savings at Halifax

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