Just after a little bit of advise really. I've got a little bit of money from an inheritance and want to put it away in an account and save it for a rainy day. I've already maxed out my ISA limit for this year. Are there any professional bankers/accountants on here that can lend a bit of advise? Ideally i'd like reasonably quick access to it if I have to move quickly too. Thanks in advance
If you need quick access, and want a bit of fun .... Premium bonds. The wins can be automatically reinvested, which increases your overall balance. You should win enough to equate to 1 or 1.25% per annum interest tax free. But, there is also the chance that you could win one of the many bigger wins, including one of the two, million pound jackpots per month. Bonds need to be held for a full month before they go into the draws. If you can sort out your bonds by the end of Sept, they will be in the Nov draw.
Agree with the Premium Bonds. Short term / easy access interest rates are so piss poor they are hardly worth bothering about.
It will be in the Moneysavingexpert list, but unless you already have one, I must say that the Santander 123 current account seems to be a remarkably good deal - perversely you get far more interest than they offer in their "savings" accounts - 3% on balances up to £20K. I find that the £2 a month account fee is wiped out straight away by some of the "cashback" that they give me on regular DD bill payments (even my Council Tax!). What has also surprised me is that they haven't yet moved the goalposts and dropped the interest rate, and I think it's at least a couple of years since I switched to that account.
Royal bank of Nigeria , got an email from crown prince mwgambaba apparently if you invest up to £15k it will unlock untold riches. Happy to forward if you want the details matt?
Santander 123 account, 3.5% on the first £20k, I've got one, Missus (to be) has one and a joint one, an easy £140pcm interest (basic rate tax already paid) and instant access. Similar deal on the first £2500 (5% gross) from Nationwide, but must pay in £1000 a month. Dead easy to just transfer it out to your santander, then back in again each month.
Most of the 5% bank accounts have a limit. Try P2P lending like Zopa or Ratesetter from 5.2 % upwards I have recently invested with Ratesetter at 6.6% over five years but if you want to withdraw quickly you can, loosing 1%. which still leaves a healthy return. Steve
A day of great highs and lows...and not just the Stelvio I still look back at it and it gives me happy memories
Personally I went for Premium Bonds too. Between me and my wife we have a fair bit in them and look to max out two blocks in the coming years as we both want to retire at 55...13 years away. So far since may we have won 300 quid.
Each year I reinvest in my own company, taking as little out as possible. It's allowed us to weather the worst of the financial storm, with 50% of my old competition no longer here, just loads of new ones!
ive a wodge coming sometime and ive already decided im going to buy the highest hill i can find. then when the tides start rising due to the climate bllx,itll be worth a fortune. all my other ideas are stupid..
You could buy shares in high yield companies. Some of these pay very high divvies -inch better than you'd get from a bank. The shares may go up or down of course but if you buy at the right moment should be more likely to rise than fall. You need about 7 different ones to spread risk. I guess you have to pay CGT if you make money on the sale but in the bank there isn't a CG to be had.
