best thing to do with 10k

Vonhelmet · 4 Jan 2011 at 18:19

Moses99p said:
Yeah, but you don't pay tax on the winnings, which makes the rate attained better than the headline rate on normal savings products.

Not that I'm putting my money into premium bonds, haha.

If the expected winnings are as good as nil, then paying no tax on those winnings isn't much of an incentive.

Will Gill · 4 Jan 2011 at 18:21

vonhelmet said:
If the expected winnings are as good as nil, then paying no tax on those winnings isn't much of an incentive.

Got to be in it to win it

standard savings and ISA's bore me, live a little not like you are losing money on the lottery

Randomface74 · 4 Jan 2011 at 18:22

Aod · 4 Jan 2011 at 18:35

Moses99p said:
Lol, but it's not the case that only 1% win! I thought I read that, on average luck, they perform a little less well than an average instant access savings account.

Like I said, they're not something I'd put money in... but they're not utterly retarded.

i had 300 premium bonds for two years and didn't win a single prize during the whole time, meaning that's 7200 times i didn't win a potential prize.

seems a bit silly to me.

Will Gill · 4 Jan 2011 at 18:40

Aod said:
i had 300 premium bonds for two years and didn't win a single prize during the whole time, meaning that's 7200 times i didn't win a potential prize.

seems a bit silly to me.

when I was a lad I had 200, and won almost monthly, now I'm not a lad anymore I have a few more than 200 and still win at least once a year

its horses for courses

SiriusB · 4 Jan 2011 at 18:44

I bought £100 of Premium Bonds when I was about 18, and a few months ago I won £25. I am 25 years old. That's about £3.50 a year in interest!

I think I will take that £100 back at some point. It took 7 years to win once, I wonder how long before I win again!? :eek:

DAIR · 4 Jan 2011 at 18:54

Leave the monies where it is!

Edrof · 4 Jan 2011 at 19:01

Are Premium Bonds totally safe? If so, that's a plus point for them, too. Especially when banks were closing not so long ago.

I think people who buy Premium Bonds don't really care that much about losing a few quid they would have gained in a savings account. They are buying them with jackpots in mind.

regulus · 4 Jan 2011 at 19:13

I got 10k and and another 10k invested yearly on a 2.9% rate. It's not a lot but at least I know I get just over £500 per year for nothing. For the past 2 years running it has bought most of my Christmas gifts and had a little money left over. I don't really need the money but nor can I ill afford to lose it. I always go for the most safe bet I can find when it comes to money. Always forward, slowly, but never backwards.

Redz · 4 Jan 2011 at 19:15

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.

Cosimo · 4 Jan 2011 at 19:16

DAIR said:
Leave the monies where it is!

There is always someone paying better interest.

-Ad- · 4 Jan 2011 at 19:37

FYI Lloyds vantage accounts offer 4% Interest on balances between 5-7k.

Open 2 of them and 5k in each with some rotating 1k funds to satisfy the T&Cs.

/profit

edit: beaten meh!

physichull · 4 Jan 2011 at 19:38

Best thing to do with 10k? Run it of course!

loltim · 4 Jan 2011 at 19:48

Will Gill said:
Premium Bonds

do it

Forde said:
Are Premium Bonds totally safe? If so, that's a plus point for them, too. Especially when banks were closing not so long ago.

I think people who buy Premium Bonds don't really care that much about losing a few quid they would have gained in a savings account. They are buying them with jackpots in mind.

I think the more wise guy would rather put it in a savings account and earn 250-300 quid over a year, but it removes that little glimmer of hope of winning a nice sum

Aod · 4 Jan 2011 at 20:05

Tim said:
do it

I think the more wise guy would rather put it in a savings account and earn 250-300 quid over a year, but it removes that little glimmer of hope of winning a nice sum

spend 25% of the interest on lottery tickets once a year?

LeJosh · 4 Jan 2011 at 20:07

I would invest it.

Especially in a high profile company that is about to release a new product which will guarantee a rise in stock prices. Apple is good but they're shares are around £250 a piece just now. When the iPad was released their stocks shares exploded, everest of a rise in share prices in the first month.

jak731 · 4 Jan 2011 at 20:14

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.

Do they let you do that?

regulus · 4 Jan 2011 at 20:21

Tim said:
I think the more wise guy would rather put it in a savings account and earn 250-300 quid over a year, but it removes that little glimmer of hope of winning a nice sum

My economics teacher used to say:

It's better to have £10 in your hand than to dream of a £1000.

loltim · 4 Jan 2011 at 20:30

regulus said:
My economics teacher used to say:

It's better to have £10 in your hand than to dream of a £1000.

Did he drive a Nissan Primera and collect stamps as a hobby?

regulus · 4 Jan 2011 at 20:38

Tim said:
Did he drive a Nissan Primera and collect stamps as a hobby?

He used to go down Dover and catch butterflies.