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Discussion in 'Personal' started by Marshall, Dec 7, 2019.
...do I do it now or wait until after the general election?
Wait until February.
Sorry,no advice. I'm such a coward with money and would rather have it in an ISA earning little but where I can see it. Investments and the fear of losing money scares me. However,that's just me.
Do you know what type of investment you are after,@Marshall?
I'd invest in a troll factory, given the burgeoning number of them...
Everything depends on how risk-averse you are. I'm very risk averse, so I'd go to something like an ISA or Premium Bonds. You might be able to pop it into a slightly higher interest account, which has either no notice necessary or 30 days' notice. Then you can wait and see.
MoneySavingExpert.com is worth a look. Other sites are available...
How much? get in touch with Wesleyan, got a couple of products with them (invested my lump sum) and have done pretty well.
If you want to get an ISA there are tax year rules. Look at Martin Lewis website for all info on investments. Interest rates are absolutely pathetic at the moment (so that anyone with a bit of money to invest can pay for quantitative easing, to still keep those lovely bonus-grabbing banks afloat and rich). Premium bond maximum is 50K, but payout depends on chance. Nothing you do will even get you a return at the rate of inflation.
Or pm me. I have an outstanding investment opportunity in Nigeria waiting for you
3 years ago we put £36K in a Wesleyan Bond. Cashed it in recently because we needed a deposit for our new house. Got £54k back! Well chuffed. Tax free as well
It's the waiting bit I want to know about!
I am getting a rubbish rate of interest on my savings account - as is everyone else.
I want a mix of safe and growth.
My gut reaction is to put some into an ISA (not cash) in order to use my tax allowance for this year and then leave the rest.
I have looked at Martin Lewis and I am guided by him at the moment. Don't want to pay for 'advice' as I have 'some' experience in this area.
Have you though about going to Citizen's Advice or finding an Independent Financial Advisor?
After many years I've finally managed to get saving... doing it online through Hargreaves Landsdown. Not going too badly so far.
edit: just saw post #11. We have some money with Virgin Money at 1.5%... my dad says we can get more if we invest in property funds... but I'm quite there yet.
I would second premium bonds. Depending on your age, I believe that Saga have a good ISA at 4%.
Do they give advice on such matters? I can't imagine sitting in the waiting room with someone who has just been made redundant and is fearing losing their home,when you are waiting to hear about investing spare money.
That's what we thought!
Still got a couple of their products with about 70K in them.
I’d just like to have some savings.
Aye true... might be I'm thinking about it wrong...
I have never heard that CAB give investment advice.
They may have a list of independent financial advisors, but even then I'd be a little surprised. Most of their clients are not really rolling in cash. Of course some may be and be asking for information on boundary disputes or how to go about whistle-blowing, or something like that, rather than debt counselling and support. But debt problems make up a very major part of what they do these days, I understand.
Best investment I ever made was a small business venture, but obviously one needs to put time into something like that.
The rest of the time I just stick to ISAs and high interest current accounts. I'm not a gambler.