Best savings account/investment for 60k
Discussion
So we have £60k sitting in an easy access savings account.
I'm not looking to invest in BTL property a 911 from the 80's or buy shares in an African mining company.
I have seen a lot of savings accounts that interest me but they have limits to what you can pay in a month and like the post office the limit you can pay in is £49.999.
Is there any savings account/investment that I can pay in the full amount in one go and get a good rate of interest?
I don't need access to the money in the short term so a fixed term account is acceptable.
So if anyone has any ideas of what would be a good way of maximising the return i would appreciate it.
Cheers
I'm not looking to invest in BTL property a 911 from the 80's or buy shares in an African mining company.
I have seen a lot of savings accounts that interest me but they have limits to what you can pay in a month and like the post office the limit you can pay in is £49.999.
Is there any savings account/investment that I can pay in the full amount in one go and get a good rate of interest?
I don't need access to the money in the short term so a fixed term account is acceptable.
So if anyone has any ideas of what would be a good way of maximising the return i would appreciate it.
Cheers
Steve,
The first thing to decide is whether or not you want to invest or save. The factor that’s important here is the timeline and the certainty of your money. You don’t want the value of savings to fluctuate, because of a possible or an intended purchase (which you have budgeted and costed). There are several options available for savers, accounts with a bank or building society for instance. Unfortunately for savers, the downside is that saving typically pays interest at a rate that is only a bit higher than inflation. If you want to earn more, you’ll have to consider investing.
Unlike saving, investing is a longer term process which involves committing all, or some of your money to a pre determined level of market risk in the expectation that you’ll receive a higher return than you might get with a savings account. The most important factor in investing is the expectation of higher growth of your money. However, once again there’s a trade-off. While investing typically offers better returns than saving, it also carries more risk as the value of your investment moves up and down with global and national events and market sentiment.
You must also have a longer timeline because even if the value of your investment falls over a short period of time, it should still be higher at the end of the period than it would have been if your money had been sitting in a savings account. There are however, no guarantees. Practically all investment options will allow you to invest in one go, or drip feed in. If you like the idea of investing, you're probably looking at accessing the services of a face to face adviser, an online brokerage or (a form of halfway house option) a robo adviser.
Speculating, which you didn't mention, involves usually working with a Nigerian Crown Prince or putting your money at unsuitably excessive levels of risk with the hope that you will earn a very high return in a short period of time. Day trading and penny shares are good example of speculating, where stock trades are opened and closed in a period of minutes or hours. Speculators can win big, but they can also lose everything.
The first thing to decide is whether or not you want to invest or save. The factor that’s important here is the timeline and the certainty of your money. You don’t want the value of savings to fluctuate, because of a possible or an intended purchase (which you have budgeted and costed). There are several options available for savers, accounts with a bank or building society for instance. Unfortunately for savers, the downside is that saving typically pays interest at a rate that is only a bit higher than inflation. If you want to earn more, you’ll have to consider investing.
Unlike saving, investing is a longer term process which involves committing all, or some of your money to a pre determined level of market risk in the expectation that you’ll receive a higher return than you might get with a savings account. The most important factor in investing is the expectation of higher growth of your money. However, once again there’s a trade-off. While investing typically offers better returns than saving, it also carries more risk as the value of your investment moves up and down with global and national events and market sentiment.
You must also have a longer timeline because even if the value of your investment falls over a short period of time, it should still be higher at the end of the period than it would have been if your money had been sitting in a savings account. There are however, no guarantees. Practically all investment options will allow you to invest in one go, or drip feed in. If you like the idea of investing, you're probably looking at accessing the services of a face to face adviser, an online brokerage or (a form of halfway house option) a robo adviser.
Speculating, which you didn't mention, involves usually working with a Nigerian Crown Prince or putting your money at unsuitably excessive levels of risk with the hope that you will earn a very high return in a short period of time. Day trading and penny shares are good example of speculating, where stock trades are opened and closed in a period of minutes or hours. Speculators can win big, but they can also lose everything.
Hi, thanks for the reply, I see where your coming from re saving or investing, the money is going to be used for a future house purchase so I am thinking I don't want to risk it in investments as when we need the money an investment may be on a downward slope.
Looking at various savings accounts like the post office, it may be that I have to open two accounts one in the wife's name and split the money between the accounts.
Thanks
Looking at various savings accounts like the post office, it may be that I have to open two accounts one in the wife's name and split the money between the accounts.
Thanks
steveo3002 said:
could try your luck with premium bonds and the rest in the post office
weve done ok from the premium bonds , not loads better than a savings account and theres the smallest chance you could win big
Never thought about premium bonds, I didn't know they paid interest on them, I'll have a look.weve done ok from the premium bonds , not loads better than a savings account and theres the smallest chance you could win big
Cheers
steve_bmw said:
Hi, thanks for the reply, I see where your coming from re saving or investing, the money is going to be used for a future house purchase so I am thinking I don't want to risk it in investments as when we need the money an investment may be on a downward slope.
Looking at various savings accounts like the post office, it may be that I have to open two accounts one in the wife's name and split the money between the accounts.
Thanks
In that case Steve, especially if your time scale is measured in anything under c.5 years or do, anyone who tells you to invest is offering bad advice. Your objective is to target a more modest rate of growth perhaps, with a view to not losing more than you may gain at the time and point you need to place a deposit on your home. And that means saving. 👍Looking at various savings accounts like the post office, it may be that I have to open two accounts one in the wife's name and split the money between the accounts.
Thanks
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