# £10k + ... where to put it ?



## nudda (Oct 28, 2008)

Ive got a debit account which has just over 10k in it and want to do something with this. The reason are

a) I have read somewhere its not safe to keep that much money in a current/debit account

b) Its doign absolutely nothing sitting there. No interest nothing.

I am collecting money for a deposit on a home but as I need around 25-30k I have no plans on spending what I have in the account right now.

If you were in my shoes, what would you do ?

Help much appreciated!

Thanks


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## steveo3002 (Jan 30, 2006)

premium bonds....very safe , and a chance of winning anything from a small prize to a million


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## uruk hai (Apr 5, 2009)

Put as much as you can in a ISA and you could put some in fixed term high return accounts, have a look on here :-

http://www.moneysavingexpert.com/banking/

I wouldnt bother with premium bonds and here's why :-

http://www.moneysavingexpert.com/savings/premium-bonds-calculator/#result


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## freon warrior (May 31, 2006)

steveo3002 said:


> premium bonds....very safe , and a chance of winning anything from a small prize to a million


Small now being the operative word, £25.


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## freon warrior (May 31, 2006)

nudda said:


> a) I have read somewhere its not safe to keep that much money in a current/debit account
> 
> Thanks


You are now safe up to £50k as long as its a UK registered operation.


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## silver bmw z3 (Apr 30, 2007)

A debit account with a decent bank is probably about the safest place to keep money at the moment, should have no worries there, but as you say not doing much. You want to put your max into an ISA each year due to the tax efficient nature of them.


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## steveo3002 (Jan 30, 2006)

freon warrior said:


> Small now being the operative word, £25.


done alright on ours so far..although its prob not make you rich


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## nudda (Oct 28, 2008)

thanks guys

so premium bonds (maybe ... maybe not ... will read on them)
ISA's

Anything else in this climate ?


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## bilabonic (Jul 25, 2008)

Barclays shares


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## nudda (Oct 28, 2008)

I think a sensible place to start at, especially as the new financial year started very recently, is the Cash ISA. 
From reading some stuff, Barclays Golden ISA seems to be the best (especially seeing as I already have a current account with them).

Now, as I have never used a cash ISA before, I dont know how to put the money in. Shall I put in 3600 all together or split it up per month ? Can someone experienced with this please tell me ? Thanks


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## nudda (Oct 28, 2008)

Am I missing something here; the return in a CASH ISA over 1 year with 3600 in is very measly ! Only about £130. Thats pretty lame for investing 3600

or am I missing something ??


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## Neil_S (Oct 26, 2005)

Probably the best return if you can do without the access would be a fixed rate bond. I'd probably throw £3600 in an ISA, £5400 in a one year fixed rate bond and invest £1000 in the stock market.


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## nudda (Oct 28, 2008)

Neil_S said:


> Probably the best return if you can do without the access would be a fixed rate bond. I'd probably throw £3600 in an ISA, £5400 in a one year fixed rate bond and invest £1000 in the stock market.


Top man - thats the kinda advice I was looking for. I am sure once I get into it, I will know what im doing and be able to make decisions from there.


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## keyd (Mar 28, 2009)

fixed rate savings account is the best place to go. I've currently got a nice 5% rate on mine which I got back in January. So next Jan all the money in the account will gain 5% interest.


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## TSE (Jul 2, 2007)

You might want to consider investing it in fine wine.

I used to work for a fine wine company and I looked after a lot of the premium client investments. I can tell you that if done properly then you can make a lot of money.

If you were interested then just let me know and I will put you in touch with the person who looks after the investment portfolios, ranging from about 5k-£1m plus. Although it might seem a bit out of the ordinary, when you deal with the correct guys you will see that it makes a lot of sense and infact can be a safe and potentially extremely rewarding investment.

Cheers,

Roy


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## freon warrior (May 31, 2006)

bilabonic said:


> Barclays shares


60p mid March £1.77 Thursday.


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## Neil_S (Oct 26, 2005)

freon warrior said:


> 60p mid March £1.77 Thursday.


They have been all over the place though. I nearly went in at £1, but they dropped to about 60p afterwards and then up.

They are well funded apparently so long term looks good, but not sure of the short term investment potential.


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## hutchingsp (Apr 15, 2006)

Shame you've only just posted as it's the end of the tax year and you could have put the full £3600 from 08/09 into a Cash ISA as well as the 09/10 £3600.

At the moment, unless you're in it for the long term or are prepared to lose some of your money, ISAs and short term fixed term bonds are the only places that offer any reasonable return whilst being guaranteed 100% safe.

With everything else you may have an increased return, but you may also lose money - many people don't grasp that this is the case even with "low risk" investments.


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## bilabonic (Jul 25, 2008)

Neil_S said:


> They have been all over the place though. I nearly went in at £1, but they dropped to about 60p afterwards and then up.
> 
> They are well funded apparently so long term looks good, but not sure of the short term investment potential.


Been making on these for about 5 months now. At one point was buying in at 160p and selling 180.

Also got in at 60p and looking good. If you don't mind risk then it's a good gamble, also up on RBS.

Just need to sort CGT out now as exceeded it :thumb:


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## nudda (Oct 28, 2008)

keyd said:


> fixed rate savings account is the best place to go. I've currently got a nice 5% rate on mine which I got back in January. So next Jan all the money in the account will gain 5% interest.


Could you recommend who to go with right now ?


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## HalfordsShopper (Jul 8, 2008)

i would strongly advise against investing in shares in your circumstances. You are saving relatively short term with a fixed goal in mind - your house deposit. You do not want to be in the situation where you see the house you want to buy, but you can't buy it because the £10k you invested in shares is only worth £5k. This would be fine in a long term investment where you can sit it out and wait for them to go up again, but not for you in the situation you have described.


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## rainifa (Mar 12, 2009)

nudda said:


> Could you recommend who to go with right now ?


why don't you just go to an IFA whom someone you know might have had a good previous experience with? Pay a fee so that there is no product bias, and keep away from a bank 'adviser'.


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## Slick 77 (Jun 19, 2007)

freon warrior said:


> 60p mid March £1.77 Thursday.


its broke the £2 barrier today!!


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## bilabonic (Jul 25, 2008)

Slick 77 said:


> its broke the £2 barrier today!!


Happy days, had a few thousand at 62p and at £1.59. :thumb:

Also well up on YELL and LLOYDS...


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## keyd (Mar 28, 2009)

nudda said:


> Could you recommend who to go with right now ?


Without checking rates I couldn't but if the Halifax rates are any good then try them. I bank with them and I must say since getting an account with them they have always been happy to help.


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