Money help

Siliconsteve

Siliconsteve

OK so never been in this position before so all new to me.
Have 4500 grand in bank doing nothing. I'm currently adding 350 a month to it , I don't need access to it so it's truly savings. However it's earning nothing.
Ideas anyone ?
 
Unless you are willing to put that money at risk, I'd leave it where it is.

Nobody is offering anything worthwhile in terms of interest at the moment unless you look at stocks which obviously come with risks associated.
 
BenAG200 said:
Unless you are willing to put that money at risk, I'd leave it where it is.

Nobody is offering anything worthwhile in terms of interest at the moment unless you look at stocks which obviously come with risks associated.
Click to expand...
I was hoping someone new something I didn't.lol.
I don't want to risk it but hoped somewhere would be worthwhile
 
Siliconsteve said:
I was hoping someone new something I didn't.lol.
I don't want to risk it but hoped somewhere would be worthwhile
Click to expand...

It's crap mate but it is what it is at the moment. Only thing that has tempted me is investing in smaller businesses trading in things I like. Beer as an example :smile: lots of smaller breweries looking for investment. I haven't invested but the returns look good and if you think they have a good product etc it becomes a bit of a more acceptable risk, whereas investing in a company you nothing really about, it feels much riskier.
 
Property and that's about it.
I've had 2 letters from Nationwide this week about my interest rates falling like current Clio values!
All I can do is plop it into the best 12m ISA and put my monthly savings into a high interest account. Currently have a 5% rate with a standard Nationwide saver which ends next month but limited to £500 a month.
I've heard Virgin are doing the best option at the moment.
 
Micah said:
Property and that's about it.
I've had 2 letters from Nationwide this week about my interest rates falling like current Clio values!
All I can do is plop it into the best 12m ISA and put my monthly savings into a high interest account. Currently have a 5% rate with a standard Nationwide saver which ends next month but limited to £500 a month.
I've heard Virgin are doing the best option at the moment.
Click to expand...
Blimey .lol. it will go into property eventually when I build but for now sat doing nothing
 
Stocks and shares but you should know can go up and down. I have some money saving this way and every now and then they move it from different companies. It's finding a FA you can trust.
 
Had money in a 40 day notice ISA but rates have fell dramatically. Never heard of a bank offering 5% these days?
 
I'm currently sticking most of our dosh in current accounts. Between my wife & myself we have 15 current a/cs as this is where the best interest rates are. Most ISAs are lower once you deduct tax. Just switch money from current a/c to current a/c and back by standing order to meet the account conditions & you'll be fine.
 
Siliconsteve said:
OK so never been in this position before so all new to me.
Have 4500 grand in bank doing nothing. I'm currently adding 350 a month to it , I don't need access to it so it's truly savings. However it's earning nothing.
Ideas anyone ?
Click to expand...
Have you got a Spearmint Rhino near you Steve? :wink:
 
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