Ask a planner answers: investing a lump sum for 6 months

Tuesday, June 7, 2016

The question, from Matt, aged 18

I have saved a lump of mine over the last few years and I am going to be going away working in Europe for 6 months and I would like to know the best way to increase the money that I already have over that time.

The answer, from Danny Cox CFPTM, Hargreaves Lansdown

The best way to increase capital over 6 months without risking it falling in value is to choose a Cash Isa account. The interest is tax free so you get to keep all the interest without paying some to the taxman.

There are various comparison sites which can help you choose the best rate including money supermarket.com, money saving expert and money facts.

Danny Cox CFPTM
Hargreaves Lansdown