best thing to do with 10k

Buy the a portfolio consisting of the FTSE 100/Sensex/Other exchanges index (don't worry you don't have to buy individual shares, you can buy into a fund) if you are in it for the long term :)
 
Redz said:
Lloyds TSB classic account with vantage.

They pay 4% on balances between £5000 to £7000, and they will let you have up to 3 accounts. No monthly fees but you do need to pay in £1000 per month.

So what you do is open 2 accounts depositing £5000 in each and set up standing orders to pay £1000 from account number 1 into account 2 and £1000 into account 1 from account 2 every month. So you get 4% gross paid monthly. Safe, secure risk free investment.
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Surely this work around or fiddling of the T&C or system has been sussed out though by Lloyds?

I mean if your able to open say 3 accounts and add 5k into each account and just keep adding 1k into one account and then moving it to the next account each time for each account and getting 4% interest off it is a bit insane right ?!

Also is that 4% interest on the 1k right as long as its kept under 7k I assume ?

so excuse my rubbish maths lol but if I got 5k in 3 accounts, and im adding 1k into it by "transfering" it from one account to another id make 4% on the 1k going into all 3 accounts each month so id be making £120 extra per month ?

But id have to manage it and transfer 1k every month to all 3 and also make sure its under 7k on all 3 each time I take it ?

sorry for all questions...
 
4% is annual not monthly interest. On a single account with say 7k in you are making about £20 interest.

With x2 accounts of 5k you will be making about £30 a month interest.

Halifax reward accounts are similar and you can seemingly keep £1 in each of the 3 accounts then literally pass £1k through them in 10mins then back out, £5 from each account each month.

/profit!
 
cheers for the advice guys, heading down to llyolds tomorrow to speak to them, its currently in a HSBC bank, but me and misses do have a joint account at llyolds so will open one there
 
Pretty much would recommend the ISA and Premium Bonds route as well. To give you an idea of figures. I threw in the full whack into the Cash ISA last couple of years (3000 then 3600) but when the interest rates fell to 0.5% my return had dropped from 250quid first year to 50quid from ten grand. Also have a savings ISA which is tied to the stock market and during that time i was at a low of around 500quid down but currently sitting in just over 1000quid in profit from regularly putting away each month.
On the premium bonds front I've only had one win of 25quid in one years and 8k investment (some moved from cash ISA). One thing i have heard of but not necessarily true is if after a year you remove all the bonds then reinvest them as one large chunk rather than smaller amounts at random times it can increase your chances of winning. How true that is though I dont know!
 
Derek W said:
On the premium bonds front I've only had one win of 25quid in one years and 8k investment (some moved from cash ISA).
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Yet you still feel it appropriate to recommend this worthless form of investment to others?

Your investment has made 0.31%. In real terms, you have lost money.

Yet you recommend them to people?!
 
Natwest offers a 3 year ISA with 6% AER. Minimum requirement £5000 - £500,000, however tax is applied if you save over £5100 this year.


To me £10,000 is not a lot, you can save it but don't expect to make money off it.
 
[TW]Fox;18150110 said:
Yet you still feel it appropriate to recommend this worthless form of investment to others?

Your investment has made 0.31%. In real terms, you have lost money.

Yet you recommend them to people?!
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no you dont lose money unless the economy goes seriously to the dogs otherwise you walk away with at least what you invest. Yes for the most its of little reward but the way my cash ISA is working its probably earning about the same as that. I've highlighted that my savings isa has been at a loss but now turning a profit for what I've invested but like most other things that you can do with ten grand there is an element of risk of losing some if not all. Premium bonds are a safer method of investing which can have some rewards. I'm sure you couldn't have used that argument if I'd said I invested 100quid and within a year I'd won the million pound top prize and a selection of other high end prizes would you? Just cos you're not too keen on the bonds doesn't mean that the OP will dismiss it. Depends how much of a risk taker he is really ;)
 
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