Savings advice!
Discussion
High interest savings account is the only real option I'd suggest.
Avoid ISA's, I had put £7000 in an ISA a few years back, it made a total of £70 interest over that time, utter crap. They depend on the markets, if the markets are down you don't make anything all you get back at the end is your initial investment plus what ever little bit of interest it managed.
>> Edited by FourWheelDrift on Saturday 4th December 21:12
Avoid ISA's, I had put £7000 in an ISA a few years back, it made a total of £70 interest over that time, utter crap. They depend on the markets, if the markets are down you don't make anything all you get back at the end is your initial investment plus what ever little bit of interest it managed.
>> Edited by FourWheelDrift on Saturday 4th December 21:12
FourWheelDrift said:
High interest savings account is the only real option I'd suggest.
Avoid ISA's, I had put £7000 in an ISA a few years back, it made a total of £70 interest over that time, utter crap. They depend on the markets, if the markets are down you don't make anything all you get back at the end is your initial investment plus what ever little bit of interest it managed.
>> Edited by FourWheelDrift on Saturday 4th December 21:12
Not sure what bank you use but my cash ISA returns over 4% pa. If you put it in a stock market related type ISA then more fool you.
falcemob said:
High interest savings account is the only real option I'd suggest.
Avoid ISA's, I had put £7000 in an ISA a few years back, it made a total of £70 interest over that time, utter crap. They depend on the markets, if the markets are down you don't make anything all you get back at the end is your initial investment plus what ever little bit of interest it managed.
>> Edited by FourWheelDrift on Saturday 4th December 21:12
Not sure what bank you use but my cash ISA returns over 4% pa. If you put it in a stock market related type ISA then more fool you.
Go for cash only ISA!! Your finacial advisor advised you totally wrong there!! 4% is about the going rate! plus its also instant access!
Jane x
FourWheelDrift said:
Might have it mixed up with the Unit trust then, but I had at one stage PEP, ISA and Unit Trust and one was utter rubbish.
I have an ISA that did the same thing. Put in 6 grand and 4 years later it's worth about £6100 because of the slump - but that's the risk associated with them. If you're only going to get a 4% return from a cash ISA then you may as well put it in the Nationwide.
miniandy said:
Hi,
I have got some money i need to save to invest in one years time -
mini
Its only short term isnt it?? Instant access accounts earn peanuts, notice accounts are slightly better interest rates but you have to give notice or loose out on interest if u withdraw with giving notice, property could work depending on the amount of money there is, but after all fee from solicitors and estate agents, might not come out with very much. I would still say ISA for the short term!
Jane x
Hi
thanks for the replies!! i would love to blow it on a daft car but i already bought one 2 months ago so that isn't an option!
have already invested in property and this is my share i'm getting back so i need to keep it for a year and not touch it and re-invest in another property in a years time.
i don't think isa's are a good enough return, and they're only 3k max surely?
jane are you on comission?!
edited to say what is a unit trust?
>> Edited by miniandy on Sunday 5th December 13:33
thanks for the replies!! i would love to blow it on a daft car but i already bought one 2 months ago so that isn't an option!
have already invested in property and this is my share i'm getting back so i need to keep it for a year and not touch it and re-invest in another property in a years time.
i don't think isa's are a good enough return, and they're only 3k max surely?
jane are you on comission?!
edited to say what is a unit trust?
>> Edited by miniandy on Sunday 5th December 13:33
Hi -
if you want a safe good return for one year - best to use either a "cash" ISA (which is not stock mkt linked ) - but if you have used up your ISA allowance, go for a straight internet based deposit account : Cahoot , Abbey "e-saver" , ING , and The AA all have good rates at the moment. Check the websites to see which is best at the moment.
Stock market or property MAY give better returns over the long term - but also ahve risks attached.
if you want a safe good return for one year - best to use either a "cash" ISA (which is not stock mkt linked ) - but if you have used up your ISA allowance, go for a straight internet based deposit account : Cahoot , Abbey "e-saver" , ING , and The AA all have good rates at the moment. Check the websites to see which is best at the moment.
Stock market or property MAY give better returns over the long term - but also ahve risks attached.
If you know you'll need the money in exactly a year and you want a guaranteed return then put it in a bond. You'll not be able to access the money in the meantime but you'll know what return you'll be getting.
Investing in a unit trust may provide a greater return but isn't a wise investment for such a short term (particularly once you've paid charges etc). Unit trusts are a gamble like any other form of share investment. Some provide great returns, some will lose you money.
Advice offered merely based on writing software for dealing in these financial instruments!
Investing in a unit trust may provide a greater return but isn't a wise investment for such a short term (particularly once you've paid charges etc). Unit trusts are a gamble like any other form of share investment. Some provide great returns, some will lose you money.
Advice offered merely based on writing software for dealing in these financial instruments!
miniandy said:
Unit Trusts!
what the hell are they?!!?
U.T's are bundled shares managed by a fund manager - hence their performance is stock mkt linked. Most UT's have around a 5% difference between buy and sell price: so unless they gain 10% in a year ( no guarantees of this ), you would be better keeping the money in cash perhaps where you can earn around 5%.
UT's may outperform cash over the long term - but have mostly underperformed cash over the past 5 years (!)
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