What to do with 30k?
Discussion
I've got to find a home for approx 30k and apart from an ISA I don't really know what to do with it.
There are no plans to need the money for the time being as not planning on buying a house for atleast a year. Would like some sort of access to it but not too worried about the cash being tied up for a little while.
What would you financial genii recommend? I have an ISA but that only really ties up 10k (put in now and then again in April) and the rate of interest is pitiful.
Thanks
There are no plans to need the money for the time being as not planning on buying a house for atleast a year. Would like some sort of access to it but not too worried about the cash being tied up for a little while.
What would you financial genii recommend? I have an ISA but that only really ties up 10k (put in now and then again in April) and the rate of interest is pitiful.
Thanks
littlegreenfairy said:
I saw your name and immediately thought you'd suggest greyhound shaped horses 
It's a scam I tell you. I swore they were horseys.£30k is a funny figure. It's a nice sum for a nice car but not really enough for any low risk investing. Could use it to create a business depending on skills/interests/experience?
RemainAllHoof said:
littlegreenfairy said:
I saw your name and immediately thought you'd suggest greyhound shaped horses
It's a scam I tell you. I swore they were horseys.£30k is a funny figure. It's a nice sum for a nice car but not really enough for any low risk investing. Could use it to create a business depending on skills/interests/experience?
littlegreenfairy said:
Yeah that's the problem. It's part of a house deposit so I don't really want to touch it.
If you cannot risk losing it, then (as a layman ie not an IFA) I'd go the ISA and bank account approach. Won't make you rich but it should still be around when you want to access it (subject to the world going pop in 2012 ).littlegreenfairy said:
What would you financial genii recommend? I have an ISA but that only really ties up 10k (put in now and then again in April) and the rate of interest is pitiful.
Thanks
If you put in now and then again in April - surely that would be £20k? £10k limit per financial year, no?Thanks
Has anyone mentioned Premium Bonds - Returns are really low nowadays but your capital is safe and you'll get nice little £25 cheques through the post every couple of months or so.
littlegreenfairy said:
Eric Mc said:
I hope you are factoring in your future income tax and NI bills - including payments on account.
It's from my house sale and it was my principle residence. Eric Mc said:
littlegreenfairy said:
Eric Mc said:
I hope you are factoring in your future income tax and NI bills - including payments on account.
It's from my house sale and it was my principle residence. Right, its a bit complicated, but
Open 3(MAX) Classic vantage accounts with £7000 in each, which returns a total of £4%. The only thing is you need to have £1000 paid into each account, so I just set up a standing order and spun the money once a month
http://www.lloydstsb.com/rates_and_charges/current...
You could also set up one more with the other arf, which will take into account the complete £30k
Open 3(MAX) Classic vantage accounts with £7000 in each, which returns a total of £4%. The only thing is you need to have £1000 paid into each account, so I just set up a standing order and spun the money once a month
http://www.lloydstsb.com/rates_and_charges/current...
You could also set up one more with the other arf, which will take into account the complete £30k
Tino said:
Right, its a bit complicated, but
Open 3(MAX) Classic vantage accounts with £7000 in each, which returns a total of £4%. The only thing is you need to have £1000 paid into each account, so I just set up a standing order and spun the money once a month
http://www.lloydstsb.com/rates_and_charges/current...
You could also set up one more with the other arf, which will take into account the complete £30k
I've just done this Open 3(MAX) Classic vantage accounts with £7000 in each, which returns a total of £4%. The only thing is you need to have £1000 paid into each account, so I just set up a standing order and spun the money once a month
http://www.lloydstsb.com/rates_and_charges/current...
You could also set up one more with the other arf, which will take into account the complete £30k
However, it's not as straightforward as it could be.
You have to open each account as a standard Classic current account first.
Then you can convert 2 of them ONLY to Classic with Vantage on-line - "the system" doesn't give you the opportunity to do it for the 3rd one.
The third one has to be converted by Lloyds - either via phone if you've set up Phone Banking (which in itself is a bit of a faff), or by going into a branch.
I assume this is so that they can try to cross sell you stuff.
However, my local branch were very helpful - all set up and ready to go now, with the £1000 bouncing round
bleesh said:
I've just done this
However, it's not as straightforward as it could be.
You have to open each account as a standard Classic current account first.
Then you can convert 2 of them ONLY to Classic with Vantage on-line - "the system" doesn't give you the opportunity to do it for the 3rd one.
The third one has to be converted by Lloyds - either via phone if you've set up Phone Banking (which in itself is a bit of a faff), or by going into a branch.
I assume this is so that they can try to cross sell you stuff.
However, my local branch were very helpful - all set up and ready to go now, with the £1000 bouncing round
I did it all over the phone. The call wasn't that bad, and they were very helpful. However, they opened the first account, and then I had to wait till I got my card to allow account 2 and 3 to be opened. They will also only open 1 account at a time.However, it's not as straightforward as it could be.
You have to open each account as a standard Classic current account first.
Then you can convert 2 of them ONLY to Classic with Vantage on-line - "the system" doesn't give you the opportunity to do it for the 3rd one.
The third one has to be converted by Lloyds - either via phone if you've set up Phone Banking (which in itself is a bit of a faff), or by going into a branch.
I assume this is so that they can try to cross sell you stuff.
However, my local branch were very helpful - all set up and ready to go now, with the £1000 bouncing round
But its worth if for 4% return
Tino said:
bleesh said:
I've just done this
However, it's not as straightforward as it could be.
You have to open each account as a standard Classic current account first.
Then you can convert 2 of them ONLY to Classic with Vantage on-line - "the system" doesn't give you the opportunity to do it for the 3rd one.
The third one has to be converted by Lloyds - either via phone if you've set up Phone Banking (which in itself is a bit of a faff), or by going into a branch.
I assume this is so that they can try to cross sell you stuff.
However, my local branch were very helpful - all set up and ready to go now, with the £1000 bouncing round
I did it all over the phone. The call wasn't that bad, and they were very helpful. However, they opened the first account, and then I had to wait till I got my card to allow account 2 and 3 to be opened. They will also only open 1 account at a time.However, it's not as straightforward as it could be.
You have to open each account as a standard Classic current account first.
Then you can convert 2 of them ONLY to Classic with Vantage on-line - "the system" doesn't give you the opportunity to do it for the 3rd one.
The third one has to be converted by Lloyds - either via phone if you've set up Phone Banking (which in itself is a bit of a faff), or by going into a branch.
I assume this is so that they can try to cross sell you stuff.
However, my local branch were very helpful - all set up and ready to go now, with the £1000 bouncing round
But its worth if for 4% return
That's my task for the afternoon - the local branch is just about the best bank you'll ever deal with. You're greeted with a cheery ¨hello¨ and your name (it's very local and regulars know the manager by name and the manager, yours) Good coffee when you have a meeting and even biccies.
Job done
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