Where to put money....
Discussion
Now before I start I don't have a huge sum of money that I'm reading other people have in these threads lol
I currently have £2k in a savings account and have the ability to put away between £240-£310 a month. The savings account is abysmal paying 0.1%
What would.you do with this money? I don't need it for at least 12 months, but I don't want to expose my self to risks on stock exchanges, etc......
Would the best place to put this money be an ISA, which to be honest ISA rates are pretty poor from what I have seen or would Premium Bonds be better?
Obviously I'm open to other ideas but I think as I don't want any risk to the money being saved it limits my options.
What do you guys think?
I currently have £2k in a savings account and have the ability to put away between £240-£310 a month. The savings account is abysmal paying 0.1%
What would.you do with this money? I don't need it for at least 12 months, but I don't want to expose my self to risks on stock exchanges, etc......
Would the best place to put this money be an ISA, which to be honest ISA rates are pretty poor from what I have seen or would Premium Bonds be better?
Obviously I'm open to other ideas but I think as I don't want any risk to the money being saved it limits my options.
What do you guys think?
The problem is that anything not rubbish is going to involve risk.
You could go for a cautious stocks and shares ISA, but of course that still introduces risk that you don't want.
I don't have an answer to how to get a decent return without risk. I don't think there is such a thing, though...
You could go for a cautious stocks and shares ISA, but of course that still introduces risk that you don't want.
I don't have an answer to how to get a decent return without risk. I don't think there is such a thing, though...
PorkInsider said:
The problem is that anything not rubbish is going to involve risk.
You could go for a cautious stocks and shares ISA, but of course that still introduces risk that you don't want.
I don't have an answer to how to get a decent return without risk. I don't think there is such a thing, though...
PorkInsider hits the nail on the head.You could go for a cautious stocks and shares ISA, but of course that still introduces risk that you don't want.
I don't have an answer to how to get a decent return without risk. I don't think there is such a thing, though...
NS&I Income Bonds are paying 1.15% gross (variable) and if you are looking for higher returns than this there is always going to be a degree of risk.
A cautious or defensive fund that is mainly invested in bonds may be another answer, but these still carry a degree of risk (though much lower than stock markets).
Lego Sets.
or pay the 2k off a debt, starting at the highest interest.
or pay something with credit upfront like your car insurance, they cycle the money youd have payed into car insurance into a savings account, do that for everything that you pay interest on year on year. Only use credit when its interest free.
or pay the 2k off a debt, starting at the highest interest.
or pay something with credit upfront like your car insurance, they cycle the money youd have payed into car insurance into a savings account, do that for everything that you pay interest on year on year. Only use credit when its interest free.
NS&I income bonds or if you feel lucky, split between income bonds and premium bonds.
I’ve just done pretty much that with my cash savings. Beats most other cash savings accounts, doesn’t offer the same potential for return (statement null and void if I win a decent prize on the premium bonds!) as stocks & shares but equally doesn’t present the same risk of a loss.
This is my safety net savings, 12 months net outgoings should the faeces meet the impeller.
I’ve just done pretty much that with my cash savings. Beats most other cash savings accounts, doesn’t offer the same potential for return (statement null and void if I win a decent prize on the premium bonds!) as stocks & shares but equally doesn’t present the same risk of a loss.
This is my safety net savings, 12 months net outgoings should the faeces meet the impeller.
If it were me and I knew I needed the money and I knew I needed to find the same amount to take out that went in I'd look at Premium Bonds.
My reasoning being you've got a chance of winning something.
There's a horrid point where unless you have tens or hundreds of thousands of pounds you're spending ages comparing rates over the difference between £20 a year and £40 a year interest.
My reasoning being you've got a chance of winning something.
There's a horrid point where unless you have tens or hundreds of thousands of pounds you're spending ages comparing rates over the difference between £20 a year and £40 a year interest.
PorkInsider said:
Petrolism said:
Said it a few months ago and turned out to be right. Precious metals are doing particularly well. Silver up in value 50% in 30 days (before yesterday's temporary drop) isn't bad going.
The OP doesn't want risk, though.
I have been keeping an eye on this board and have noticed that precious metals have been going up though lol.
Bit of a catch 22 situation for, me as I have a lump sum of money (albeit a small amount) and the ability to save every month but I don't want lose/risk any of it, yet I would like to grow this amount.
Thinking about it Premium Bonds would be the better bet given that there is absolutely zero risk to the money and I suppose even if I won £25 that's many multiples of the interest that is being paid on it at the moment.
I would doubt precious metals can go down, not least in the climate that is U.K. Sterling, facing Brexit come December.
From the last financial downturn; a picnic compared to this one, I believe this time the rise of metals is likely to be quite a lot higher, especially Silver IMO.
Check back in a year... I did very well between Oct 2007 and March 2011, by betting that there wouldn't be a V-shaped economic recovery.
From the last financial downturn; a picnic compared to this one, I believe this time the rise of metals is likely to be quite a lot higher, especially Silver IMO.
Check back in a year... I did very well between Oct 2007 and March 2011, by betting that there wouldn't be a V-shaped economic recovery.
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