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where to put my money
thunderace - 6/3/10 at 11:03 AM

hi guys i have £10,000 and want to put in a some sort of safe savings acount ,has anyone any advice on where to put it.im only geting £18 pcm interest.

Liam - 6/3/10 at 11:05 AM

No problem - I'll U2U you the account details so you can make the transfer.

Cheers

Steve G - 6/3/10 at 11:08 AM

Royal Bank of Steve G??

Depends on if you want access to it really - savings account or invest into equities with an ISA

gottabedone - 6/3/10 at 11:11 AM

Thats the guts of £250 per year in interest - I'd stick it in premium bonds if I was you.

Steve

tomprescott - 6/3/10 at 11:12 AM

You can put three and a half of it in a mini cash isa. Depends how long you're prepared to invest for. For 10 year plus investments stock market has, and always will offer the highest rate of return, don't invest in individual stocks, hand off to an advisor and you'll get risk reduction through a portfolio. Short term I would say put three and a half into a mini cash isa, the rest into premium bonds, then after a year put another three and a half in the mini cash and keep going until its all in the isa.

richardlee237 - 6/3/10 at 11:14 AM

If you want an investment that is reasonably safe then a stocks and shares ISA. You can invest upto £10,200 I believe. You can choose one to protect your capital if you want but as always the more risk you take the better the potential income. The return should be substantially better than an interest ISA.
Mine is currently doing 10% return tax free
All the big banks do these.

If you really want to gamble you can invest in single shares, but you need to know what you are doing

scootz - 6/3/10 at 11:15 AM

I could invest it in car parts on your behalf... as you can see from my history, I often buy things and then sell them on for a mahoosive profit when I realise they won't fit - I would cut you in 50/50.

Er, actually, I got that last part wrong... dammit, I always get my 'profits' and 'losses' mixed up!

Anyway, I could still cut you in 50/50 so you only suffer half of the losses I incur! Go on - the excitement of wondering just how much you've thrown away this time is great fun!

Steve G - 6/3/10 at 11:20 AM

quote:
Originally posted by tomprescott
You can put three and a half of it in a mini cash isa. Depends how long you're prepared to invest for. For 10 year plus investments stock market has, and always will offer the highest rate of return, don't invest in individual stocks, hand off to an advisor and you'll get risk reduction through a portfolio. Short term I would say put three and a half into a mini cash isa, the rest into premium bonds, then after a year put another three and a half in the mini cash and keep going until its all in the isa.


£3600 can go into a cash ISA now, but £5100 more can go in after April 6th as the limit is being raised.

For over 50's, the higher limit is already in place (£10,200 limit for ISA's per tax year with £5,100 limit into a cash ISA - or the whole lot into equities). These limits are for everyone after April 6th though.

As above though - if you're thinking of going into equities then see an IFA. Its a longer term investment though so not what you want if you need access.

JonnyS - 6/3/10 at 11:33 AM

£10k isn't really enough to go to an IFA with, you'll lose too much of it in fees. Do you need the money back in the short/medium term?

TigerB6 Paul - 6/3/10 at 11:40 AM

IFA's get paid commission on ISA's which is taken from the initial charge.

As said above limits for ISA's would allow £8700 to go into cash ISA's over the next month - and that doesn't need advice - just have a look on MoneySupermarket.com for rates and access conditions. Deposit based savings accounts pay interest net of 20% tax so an ISA is a good idea as its tax free.

MakeEverything - 6/3/10 at 03:17 PM

Yaaaaawn, id put it in premium bonds.

We won £500 last month.