Saving advice needed - Bonds? ISAs?

SideWinder

SideWinder

SideWinder

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I have a large sum of money that i want to put aside for when i'm older and i am unsure what sort of account to put it in to.

Basically, i would like it to be instant access if possible plus have a high interest rate. It won't be touched though for around 5-6 years not including putting money in to it.

So i'm a bit lost on where to go. :)
 
if it won't be touched for 5-6 years then why do you want instant access, you usually will get a lower interest rate if you got that way :confused:
 
I'd speak to your bank but iirc then you can set up a long term savings account, say five years, which will offer you a much higher interest rate than if you were to have it in an accessible savers account.

This would be considered low risk/low yield; there are plenty of alternatives. ISA's are a tax efficient way of saving. And is currently what I am using.
 
Please remember giving financial advice whilst not being qualified to do so is a criminal offence punishable with fines and/or prison terms.

Killa_Ken, if the OP invests in what you have said and loses money as a result, you could be in trouble if the OP can prove they lost because of your advice (unless you're qualified of course.) Take care how you word what you say!
 
CF93 said:
Please remember giving financial advice whilst not being qualified to do so is a criminal offence punishable with fines and/or prison terms.

Killa_Ken, if the OP invests in what you have said and loses money as a result, you could be in trouble if the OP can prove they lost because of your advice (unless you're qualified of course.) Take care how you word what you say!
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My bad, but i highly doubt he could loose money with them. But still removed for good measure :)
 
I would personally dump the make possible into an ISA and the rest into one of the many banks 1yr bonds which get up to 4.6~% interest

Although depends what you call large?
 
iCraig said:
I'm putting my nest-egg into a premium investment bond. :)

3 years at 4.45% interest I think.
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Mmm, not bad. My Mum has done a bit of scouting and spoke about Halifax and 7% or something...but i'm unsure if it's too good to be true or something. So i'm trying to do a bit of research.
 
Usually a catch like a minimum deposit per month into the account, or a large opening/minimum balance.
 
Your young, put it into a very high yeilding Fund. As an example only.

One of the merill Lynch Emerging Europe bonds has returned 780% over the last 4 years, thats 78,000 pounds in four years.

Use Fund Finders to find investments that suit your needs.

Im young and I can afford to loose some money so i put it into very high risk speculative funds and stock. The last 3 years i have made 4 times what i started with.

Your starting young and with 10K you can turn that into 5million by the time your 50 very easily. :)
 
CF93 said:
Please remember giving financial advice whilst not being qualified to do so is a criminal offence punishable with fines and/or prison terms.

Killa_Ken, if the OP invests in what you have said and loses money as a result, you could be in trouble if the OP can prove they lost because of your advice (unless you're qualified of course.) Take care how you word what you say!
Click to expand...
He wasn't doing it for financial gain and I would like to think that the OP is smart enough to realise that posting such a question on a forum for geeks will only give him some ideas at best, certainly not something that could be construed as "financial advice".

I can see it now...."So Mr. Sidewinder, who gave you this advice?"
"Somebody called 'Killa_Ken' your honour, he posts on an anonymous internet forum" ;)
 
I'd go in and speak to some banks, see what they can realistically offer you, and get them to give you some projections as to how much they can get you in 5 years. Think my ISA is paying just over 5% at the moment, can't remember who it's with though. Shopping around does help :)
 
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