best and safest way to invest 15k?
17 December 2002, 09:44 PM
#1
Scooby Regular
Thread Starter
iTrader: (1)
Join Date: Jan 2002
Location: southampton
Posts: 4,067
Likes: 0
Received 0 Likes
on
0 Posts
ok ive got quite a few grand in my normall account and 15k in my halifax telephone saving account, pays interest yearly, really wanted monthly but women said get less interest, is there anywere better to leave it sat? i make my money work for me as i trade in a few motors but the cash in my savings is sat dormant?
17 December 2002, 10:18 PM
#4
Scooby Regular
Join Date: Mar 2002
Location: Bradford
Posts: 13,720
Likes: 0
Received 0 Likes
on
0 Posts
Invest it in me 
I promise to write regular reports on how I'm enjoying spending it 
On a serious note the problem I have with what you're proposing is the use of the word 'invest' To me 'invest' comes with an element of risk...in which case I'd invest it in your house as that to me is a safe option at the moment and even if the value does go down you can enjoy your extension, conservatory, fancy kitchen or whatever till the value goes back up.
If you want a totally safe way then high interest accounts and similar savings schemes are the way to go.
I promise to write regular reports on how I'm enjoying spending it On a serious note the problem I have with what you're proposing is the use of the word 'invest' To me 'invest' comes with an element of risk...in which case I'd invest it in your house as that to me is a safe option at the moment and even if the value does go down you can enjoy your extension, conservatory, fancy kitchen or whatever till the value goes back up.
If you want a totally safe way then high interest accounts and similar savings schemes are the way to go.
17 December 2002, 10:21 PM
#5
Scooby Regular
Thread Starter
iTrader: (1)
Join Date: Jan 2002
Location: southampton
Posts: 4,067
Likes: 0
Received 0 Likes
on
0 Posts
was gonna jump on the property ladder but looking at recent news and a lot of peoples opinions i may give it a year to see how things go, if prices keep goin up then thats just tough luck i suppose but its worth a wait.
Trending Topics
17 December 2002, 10:45 PM
#9
Scooby Regular
Thread Starter
iTrader: (1)
Join Date: Jan 2002
Location: southampton
Posts: 4,067
Likes: 0
Received 0 Likes
on
0 Posts
i have no isa's etc, only money in the two bank accounts and the cash i keep at home, i kno nothing about investing, im only a dum old common bloke in the motor trade that just hapens to have cash
17 December 2002, 10:54 PM
#10
Scooby Regular
Join Date: Aug 2000
Location: God's promised land
Posts: 80,907
Likes: 0
Received 0 Likes
on
0 Posts
No prob. Well, first off i'd nip down to your local bank or building society and open up a mini cash ISA, You can put £3k in there straight away. If you have a partner (you can trust!) you can do one in her name too. Got kids? Open a tax-free first saver account in their name(s) too.
You can do exactly the same again on April 6th 2003. I wouldn't spend too much time worrying about who's paying the best interest right now - they're all the best at some point or another. FWIW, mine are with Britannia.
If you don't fancy opening up accounts in partner's names, you can open further ISA's up to a value of £4k, although there will be some element of risk. Having said that, i'd recommend Egg, who will sort you out with a very low risk pre-packaged ISA which could be right up your street. Not everybody likes their website design, but give it a go. Don't be afraid to call them, they're very helpful.
Lastly, if you have any over, the Alliance & Leicester Easy Access account is still the High Street leader. Interest rates at the moment don't sound very spectacular of course, but every little helps. Definitely worth a look.
You can do exactly the same again on April 6th 2003. I wouldn't spend too much time worrying about who's paying the best interest right now - they're all the best at some point or another. FWIW, mine are with Britannia.
If you don't fancy opening up accounts in partner's names, you can open further ISA's up to a value of £4k, although there will be some element of risk. Having said that, i'd recommend Egg, who will sort you out with a very low risk pre-packaged ISA which could be right up your street. Not everybody likes their website design, but give it a go. Don't be afraid to call them, they're very helpful.
Lastly, if you have any over, the Alliance & Leicester Easy Access account is still the High Street leader. Interest rates at the moment don't sound very spectacular of course, but every little helps. Definitely worth a look.
17 December 2002, 11:05 PM
#12
Scooby Regular
iTrader: (2)
Join Date: Mar 2001
Location: Swilling coffee at my lab bench
Posts: 9,096
Likes: 0
Received 0 Likes
on
0 Posts
Arguably any cash that doesn't go to the taxman is worth having. If you're not planning to open a maxi-ISA this year, then sticking 3 grand in a mini cash ISA is a no-brainer. If nothing else, you won't be staring at it every day wondering how to spend it!
A.
A.
17 December 2002, 11:06 PM
#13
Scooby Regular
Join Date: Aug 2000
Location: God's promised land
Posts: 80,907
Likes: 0
Received 0 Likes
on
0 Posts
Well, you could invest your whole £7k allowance in a maxi-ISA, but then you'd have exposure to risk on all of it (usually), not just the £4k invested in something other than a 100% safe mini cash ISA.
Horses for courses really. If you're not a higher tax payer, then granted, the difference will be small. But i started my ISA's wwhen they were first introduced, and yes, each year in isolation doesn't seem like a lot. But they do add up, trust me.
Like all these things though, you'll never make night and day changes to your returns if you want to play it safe with the capital. I didn't ask what you specifically meant by "untrustworthy", but if you meant "unpredictable", then yes, i'd totally agree. Not even property is safe now, imo.
Horses for courses really. If you're not a higher tax payer, then granted, the difference will be small. But i started my ISA's wwhen they were first introduced, and yes, each year in isolation doesn't seem like a lot. But they do add up, trust me.
Like all these things though, you'll never make night and day changes to your returns if you want to play it safe with the capital. I didn't ask what you specifically meant by "untrustworthy", but if you meant "unpredictable", then yes, i'd totally agree. Not even property is safe now, imo.
17 December 2002, 11:15 PM
#15
Scooby Regular
Join Date: Aug 2000
Location: God's promised land
Posts: 80,907
Likes: 0
Received 0 Likes
on
0 Posts
How much they paying Crushtie?
I'd be surprised if A&L's Easy Saver account isn't at least matching them. 90 day accounts have been widely slated; i'd be keen to hear of one which is halfway decent...
[Edited by TelBoy - 12/17/2002 11:31:15 PM]
I'd be surprised if A&L's Easy Saver account isn't at least matching them. 90 day accounts have been widely slated; i'd be keen to hear of one which is halfway decent...
[Edited by TelBoy - 12/17/2002 11:31:15 PM]
17 December 2002, 11:20 PM
#16
Scooby Regular
Join Date: May 2002
Location: The Looney Bin
Posts: 5,334
Likes: 0
Received 0 Likes
on
0 Posts
I was thinking more of an average. Most of the funds i deal with have lost up to 15% over that last 6 months! 
Suddenly 2-4% looks attractive! as well as not paying any rip off AMC's 
Or as a certain mod just suggested to me, spend the whole lot on booze! Hehehehe
Suddenly 2-4% looks attractive! as well as not paying any rip off AMC's Or as a certain mod just suggested to me, spend the whole lot on booze! Hehehehe
18 December 2002, 12:19 AM
#18
Scooby Regular
Join Date: Sep 2000
Location: Deepest Darkest Dorset!!
Posts: 10,011
Likes: 0
Received 1 Like
on
1 Post
Not fantastic rates, but I'm getting 3.1% on my current account, and 4.1% on the savings account linked to it, I can get at it instantly with no penalty, and I can even do all my banking online!
18 December 2002, 01:34 AM
#19
Scooby Senior
Join Date: Feb 2000
Location: West Midlands
Posts: 5,763
Likes: 0
Received 0 Likes
on
0 Posts
Dunno what interest rate you are getting on your tele-savings account, but open a Web Saver (also at the Halifax) and you can get 4.05% with instant access (albeit via transfer to another Halifax (current) account) or 4.5% if you go for a fixed 5 year term!
See http://www.halifax.co.uk/savings/personalrates.shtml
mb
See http://www.halifax.co.uk/savings/personalrates.shtml
mb
18 December 2002, 07:11 AM
#20
Scooby Regular
Join Date: Aug 2000
Location: God's promised land
Posts: 80,907
Likes: 0
Received 0 Likes
on
0 Posts
boomer, personally i wouldn't go anywhere near a plan that capped my returns at 4.50% for 5 years. Right here right now that might look attractive. Re-visit this thread in a year's time and see how you feel about it then...
18 December 2002, 07:42 AM
#23
Scooby Regular
Join Date: Aug 2000
Location: God's promised land
Posts: 80,907
Likes: 0
Received 0 Likes
on
0 Posts
People always mention them Dave when returns are low elsewhere. But historically, premium bonds are a disaster on a real returns basis. But you can't argue with the fact that you are in the pot for one of the big prizes, if that's the type of risk/reward you like.
18 December 2002, 08:21 AM
#24
Scooby Regular
Join Date: Jan 2005
Location: Lincolnshire
Posts: 15,623
Likes: 0
Received 0 Likes
on
0 Posts
Totally agree with Telboy....i have put 3k into a cash ISA for each of the last 4 years.I have also just opened a monthly savings plan with the Halifax,£100 per month.You are allowed one withdrawl per year and you get a slightly higher interest rate.
The rest is in a Halifax Web Saver account.
Dont like premium bonds personally.
18 December 2002, 09:06 AM
#25
Scooby Regular
Join Date: Jul 2002
Posts: 222
Likes: 0
Received 0 Likes
on
0 Posts
PREMIUM BONDS, I am in the same boat as you, sold my house a few months ago and had 15 grand to "invest". Stuck it in premium bonds as all the interest rates at the moment are pants, I'm up £250 in a couple of months which is on par with your average interest rate. Plus theres always the chance of the million. Plus theres no risk at all and if you want your cash back, you can have it well within a week
18 December 2002, 10:11 AM
#27
Scooby Regular
Join Date: Aug 2000
Location: God's promised land
Posts: 80,907
Likes: 0
Received 0 Likes
on
0 Posts
apples, what is there to explain about buying premium bonds? Go to a Post Office and hand yer money over. Rab has obviously won £250 prize money since he bought them, but of course this is gross, not net.
An offset mortgage is where you set up a savings account to run alongside your mortgage account. You receive no interest on the savings account, but any interest you "would" have earned is offset against your outstanding mortgage, thus reducing it faster. Again, it's particularly suitable for higher tax payers. Halifax do one called Intelligent Finance, which seems to be popular.
An offset mortgage is where you set up a savings account to run alongside your mortgage account. You receive no interest on the savings account, but any interest you "would" have earned is offset against your outstanding mortgage, thus reducing it faster. Again, it's particularly suitable for higher tax payers. Halifax do one called Intelligent Finance, which seems to be popular.
18 December 2002, 10:18 AM
#30
Scooby Regular
Join Date: Aug 2000
Location: God's promised land
Posts: 80,907
Likes: 0
Received 0 Likes
on
0 Posts
apples, not so much a savings account, but a lottery, where monthly prizes are randomly allocated. Worst case scenario is you're unlucky and receive nothing, best case is that you win the £1 million jackpot. Most people end up averaging about 2.7% p.a. Am i right in assuming you've not been in the country for very long?
[Edited by TelBoy - 12/18/2002 10:22:11 AM]
[Edited by TelBoy - 12/18/2002 10:22:11 AM]