Resting in my account

[davhill]

Now then, who has financial geniosity.

I'm getting a sum of money which I want to kennel
for a year. Half will go towards repaying a debt over
the year while I'm seeking a return on the rest. so far,
I've thought of these...

• Invest? A mate's lost a ton of dosh this way recently, so no.

• Stick it in a building society for pitiful interest?

• Put it in Premium Bonds?

• Do an ISA with it?

I've been doing the lottery for donkeys but just won the odd
tenner and a couple of £64 sums.

So, I need the funds to be recoverable and I don't need to
know about Nigerian ski runs or the new chocolate hobs for
kitchens.

Any experiences, suggestions welcome.

[Muzzer79]

How much is it?

[Baldchap]

Investments can work very well indeed if done well. Even at times like this. I'd have a chat with a wealth management company or financial advisor and decide based on their advice.

[davhill]

Muzzer79 said:

How much is it?

Modest. £4.8K.

[deggles]

Don't take this the wrong way but I don't think an IFA or wealth manager is worthwhile for the sums involved. And IMO a year isn't a long-enough timescale to consider investing in stock markets, especially at the moment. Sure, if you're happy with the risk you might make 10-20% but you could easily lose the same or more.

A cash account (building society or ISA) will do well to make 1%; I think you'd be better off in Premium Bonds, average return is theoretically similar but there's a chance you drop on a bigger prize.

I've won nothing on £10k of Premium Bonds for months, so someone must be getting the luck to balance it out

[andyxxx]

Well, if you don’t want to spend it, speculate in stocks/shares etc, put it in a building society or premium bonds you have little choice.

Gamble or give it away.

[ApOrbital]

I will take it of your hands for 3k

[Countdown]

davhill said:

Now then, who has financial geniosity.

I'm getting a sum of money which I want to kennel
for a year. Half will go towards repaying a debt over
the year while I'm seeking a return on the rest. so far,
I've thought of these...

• Invest? A mate's lost a ton of dosh this way recently, so no.

• Stick it in a building society for pitiful interest?

• Put it in Premium Bonds?

• Do an ISA with it?

I've been doing the lottery for donkeys but just won the odd
tenner and a couple of £64 sums.

So, I need the funds to be recoverable and I don't need to
know about Nigerian ski runs or the new chocolate hobs for
kitchens.

Any experiences, suggestions welcome.

What happens to the other half once the year is up?

As others have said it's down to risk vs reward and how long you can afford the money to be tied up.

[sociopath]

If you don't want to invest stick it in an ns&I direct savings account, at least you'll get 1%

[bitchstewie]

If you want to put £5K in and need to be sure there's £5K there to take out you don't want any sort of investment product with those short timescales.

Just choose the best paying savings that you can or if you're content with no interest but a chance of something try Premium Bonds.

Stick to "proper" banks and building societies and don't look any of those dodgy bonds.

Edited by bhstewie on Wednesday 20th May 16:23

[Robbo 27]

sociopath said:

If you don't want to invest stick it in an ns&I direct savings account, at least you'll get 1%

Not relevant for the sum of money involved but if you have more than £85000 in cash NSI is the only place that will give 100% security.

[JulianPH]

bhstewie said:

If you want to put £5K in and need to be sure there's £5K there to take out you don't want any sort of investment product with those short timescales.

Just choose the best paying savings that you can or if you're content with no interest but a chance of something try Premium Bonds.

Stick to "proper" banks and building societies and don't look any of those dodgy bonds.

Edited by bhstewie on Wednesday 20th May 16:23

This ^^^

[Benbay001]

davhill said:

• Invest? A mate's lost a ton of dosh this way recently, so no.

"Invest" is a very broad brush. What did he invest in?

[davhill]

Thank you people, I appreciate your input.

It seems that, given the size of the sum and the timescale,
putting into Premium Bonds is the consensus. I'll need to pay
off my debt in 12 months' time and of course, my dosh will be there.
Winnings? Who knows? someone has to win and I wouldn't want it
to be a speculator using my funds.

Thanks again.

Edited by davhill on Wednesday 20th May 21:19

[Shnozz]

JulianPH said:

bhstewie said:

If you want to put £5K in and need to be sure there's £5K there to take out you don't want any sort of investment product with those short timescales.

Just choose the best paying savings that you can or if you're content with no interest but a chance of something try Premium Bonds.

Stick to "proper" banks and building societies and don't look any of those dodgy bonds.

Edited by bhstewie on Wednesday 20th May 16:23

This ^^^

Who knew that only what seemed like a few months ago bhstewie was posting seeking his first ISA advice and now he’s not only advising on any thread about finance (between checking his investments hourly), but also gaining the approval of PH’s resident financial go to firm

[Gallons Per Mile]

No-one else thinking along the lines of Father Ted?

"That money was just resting in my account"

[goldieandblackie]

[davhill]

Gallons Per Mile said:

No-one else thinking along the lines of Father Ted?

"That money was just resting in my account"

Erm...take a look at the thread title.

[ninepoint2]

Marcus seem to be best for easy access savings at the moment, though when I say best it's still not great, the MSE does some decent research into what accounts are best, for that sort of ammount I would have a look there

[Robbo 27]

I have two lots of premium bonds, one £50 lot that was bought in 1976 and has paid out £100. A £15000 purchase from 5 years ago that has paid out £200.

You need to be lucky to do well on premium bonds but the good think is that nsandi products are 100% secure and the interest rate is 1% on their savings accounts which is not that far behind market leaders.