2k to use wisely...

[ALLI]

OK... I have an ISA which is currently full for this year.

I've got an 8% saver account which only allows me to place 250 in each month.

I have 2k that needs to be removed from my current account to prevent me buying a new PC

So, where's the best place for my to plop this cash (seriously)?

The ony thing I can think of is to drop it into my ISA as soon as March is over. Not keen on stocks and shares as I feel that's too hit'n'miss. I'll not need the money in a rush, it's basically going towards a deposit on a house in a couple of years when I finish my training.

Something secure, but will reap maximum gain for me.

Can you have more than one ISA? Is it best to keep to one?


Thanks ppls.

 

[ALLI]

Start your own internet dating service.

Or blow the lot at a posh casino...

Kind of defies the whole point of the thread.

Scroll back up, re-read it, and try again you scallywag.

 

[ALLI]

Clever gambling? Arbitrage betting and/or matched betting and/or lay betting all much of a muchness, it requires a large lump sum to pull it off properly, can return 5-15% on initial investment sometimes, and its tax free . Just have to be careful but its also a bit of a thrill. Have a read up on it either way. I'm saving up presently, using ICICI Hi-Save savings account (5.15% interest), once i've got about 1k in there i'm going to start drawing money in and out arbitrage betting (i'd use an ISA but money has to be moved in and out which isnt suitable for an ISA).

anything that includes the word "gamble" isn't a great way of saving for a house is it now?

 

[ALLI]

Never give me 2k

i promise.

:d

 

[ALLI]

I think people are mocking you because IT'S ONLY £2,000. You'd be lucky to earn £70 in the year, and even then, once you take inflation into account you haven't made anything.

The safe option: Bank it.
The riskier option: get a stock broker (or something) to invest it for you
The fun option: Book a holiday

didn't inteperet anyone as mocking me tbh...

i've already put 3k into an isa, and have 5k in stocks given to be my my missus's grandad. im DDing 250 a month into an 8% saver and the final 2k, as much as id like to spend, is in my current account. think i'll just wait to april when i can stick it in my isa.

holiday is not needed - i've just booked a villa in tuscany for my wedding next year:-

http://www.tuscanparadise.com/pages/2/index.htm

(anyway, it might /only/ be 2k, but as my bursary is 500 a month, it's a fair whack for free)

 

[ALLI]

Quick question on this subject then.

If i put 1k into a mini cash ISA at 5% gross p.a. does that mean i earn £50 in the first month or is that just over the whole year?

iirc you dont get anything in the first month - maybe that means you're not entered for any draw in the first month... check the ns&i site!

and 5% pa is per annum, so that's per year.

 

[ALLI]

If your DDing £250 per month have you looked in to the abbey or a&l (cant remember who does it) 10% saver account, the only requirement is you earn 1k per month and deposit £250 per month i think. Check it out anyhow, can sniff at an extra 2% can you!

i dont earn anything per month other than my bursary of 550 and random shifts at the mental health unit.

i think you need to open an account with them too. i did see that offer (just after i'd opened my 8% saver!)

settled for 2 choices now...

top up my isa next fiscal year, or get 2k of premium bonds

im leaning towards the premium bonds as theres 2 chances of 1million and another million in seperate cash prizes, all tax free. worth a shot (that's about as gambly as I can be without constantly thinkin "feeeeerk im gonna lose it all!)


thanks for the replies everyone. job done.

 

[ALLI]

What about some stock in an oil company, oil prices will only be going up from here on in.

maybe that might reep some cash but id get grief off the missus for profitting from a non-ethical company.

i've decided anyway. premium bonds.

(or 2000 scratchcards.. LOL!)

 

[ALLI]

Some people are, unless you interpret "2000 scratchcards" as sound financial advice!

If I could afford it, I'd definitely blow the money rather than squirrel it away.

See that's where you and I are different. I have to plan for the future, not the "right now". A few years back I would have wasted it on clothes, clubbing and taxis but I'm all grown up now. Money is not a toy!

2000 scratchcards was mirth, not mock.

 

[ALLI]

Not a very 'wise' choice IMO, but it's your money You're foregoing a guaranteed £80 or so interest a year in order to have virtually no chance of winning even £50 back.

You think? It's a wise gamble. I'm not going to lose out but I could win one of the 2 million pound monthly prizes or part of the 1 million pounds worth of other prizes. what makes you think I have virtually no chance of getting £50? I have 2000 chances per month of winning.

Converesely I probably have more chance of predicting the winning lotto numbers 5 weeks in a row, but as some wise man once said, "You have to be in it to win it".

Don't worry, as soon as I've won, you guys will be the first to know