Overnight money markets
Overnight money markets
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aceparts_com

Original Poster:

3,724 posts

271 months

Monday 26th February 2007
quotequote all
I asked over the counter at my local HSBC about what we can do with any 'spare' money in our business account. She suggested either the standard high interest account or a moneymarket in which I have to pledge the money for a month at a time. Can anyone elaborate as i was in a bit of a rush

jamesw2000

440 posts

242 months

Monday 26th February 2007
quotequote all
You'd basically be giving them an amount of money to play with each month trading on foreign markets that aren't open in UK business hours by the sounds of it.

aceparts_com

Original Poster:

3,724 posts

271 months

Monday 26th February 2007
quotequote all
That sounded like it - anyone use this? What's the risk/ reward like?

360stimo

701 posts

258 months

Wednesday 28th February 2007
quotequote all
aceparts_com said:
I asked over the counter at my local HSBC about what we can do with any 'spare' money in our business account. She suggested either the standard high interest account or a moneymarket in which I have to pledge the money for a month at a time. Can anyone elaborate as i was in a bit of a rush


i don't use over night money markets, never heard of them

but

I do use the money market often with HSBC. You'd agree an amount to give them and then agree a time to have the money invested for (you break this and you get seriously penalised for it). The they quote you a guaranteed % return and you either take it or leave it. The % can vary depending on amount invested and for how long.




Edited by 360stimo on Wednesday 28th February 19:40

aceparts_com

Original Poster:

3,724 posts

271 months

Wednesday 28th February 2007
quotequote all
That's it - money market

Say 50K for 1 month...

My local hsbc is closed more than it's open