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Financial Advice (serious question here!)
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By *londeCaz OP Woman
over a year ago
Arse End of the Universe, Cumbria |
Right gang....first off, I am going to arrange to talk to an IFA, but I thought I'd throw it open to you rabble (oops, meant wise forumites, honest)...
I've got a 5 year ISA maturing at the end of the month, been getting 4.6% on it, there'll be about £11k; I doubt I'll get anything near as good a rate now so I'm wondering what I can do with the money that might make me a bit more than the miserable rates available. I know sweet Fanny Adams about investments, I'm not into high risk so I won't be putting it on the dead cert in the 2.50 at Cheltenham but I'm open to any suggestions that I can punt at the IFA so I hopefully look less like a complete naïf. I'm happy to tie it up for up to 10 years...any ideas? |
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By *yrdwomanWoman
over a year ago
Putting the 'cum' in Eboracum |
Legal and General do some very long term accounts. My Mum got one for 10 years (I think) with a 6% return, but that was last year. Not sure what this year would bring interest rates wise.
My sister and her partner do property, but I think you'll need more than £11k for that  |
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By *londeCaz OP Woman
over a year ago
Arse End of the Universe, Cumbria |
"For something which 'might' do better than elsewhere, you could look at Premium Bonds."
Thanks Onny, I've actually just set up an SO for the pay rise I'm getting this month for more Premium Bonds so it's not a bad idea  |
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By *londeCaz OP Woman
over a year ago
Arse End of the Universe, Cumbria |
"Legal and General do some very long term accounts. My Mum got one for 10 years (I think) with a 6% return, but that was last year. Not sure what this year would bring interest rates wise.
My sister and her partner do property, but I think you'll need more than £11k for that "
Ooh, I'll have a gander for long term accounts...and round here I could possibly get a property if I cashed in a couple of other bits and bobs but it'd have to be a doer-up and I've no longer got the inclination for that  |
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By *londeCaz OP Woman
over a year ago
Arse End of the Universe, Cumbria |
"If you have any, the single best, most efficient thing to do, would be to pay off any debts or mortgage you have with it "
That's a thought! Not much in way of debt, but it would pay about 80% of my mortgage off, although I do use the mortgage to draw on funds for big home improvements and I'm thinking of a new kitchen in the next couple of years |
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With interest rates so low at the moment, wherever you put your money, do not tie your money up for any length of time.
Interest rates are forecast to go up sooner rather than later.
If you pay for advice, that means you will be getting less in interest.
Put a couple of thousand £££'s into Premium Bonds,reinvest the remainder.
If interest rates rise,cash in the Bonds, and reinvest in the ISA.
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"If you have any, the single best, most efficient thing to do, would be to pay off any debts or mortgage you have with it
That's a thought! Not much in way of debt, but it would pay about 80% of my mortgage off, although I do use the mortgage to draw on funds for big home improvements and I'm thinking of a new kitchen in the next couple of years "
What interest rate is your mortgage, it'll be much higher then any savings account you'll get in the vast majority of cases |
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By *nnyMan
over a year ago
Glasgow |
In the increasingly unlikely event of a yes vote re separation "National Savings & Investments has said that in the event of Scottish independence people living north of the border – unless they have a bank account with an institution then on the south side – will no longer be able to invest in Premium Bonds or other NS&I accounts."
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By *londeCaz OP Woman
over a year ago
Arse End of the Universe, Cumbria |
"With interest rates so low at the moment, wherever you put your money, do not tie your money up for any length of time.
Interest rates are forecast to go up sooner rather than later.
If you pay for advice, that means you will be getting less in interest.
Put a couple of thousand £££'s into Premium Bonds,reinvest the remainder.
If interest rates rise,cash in the Bonds, and reinvest in the ISA.
"
I didn't know rates are expected to go up sooner...maybe a 10 year investment won't be the way to go...that dead cert at Cheltenham is looking more likely  |
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By *londeCaz OP Woman
over a year ago
Arse End of the Universe, Cumbria |
"If you have any, the single best, most efficient thing to do, would be to pay off any debts or mortgage you have with it
That's a thought! Not much in way of debt, but it would pay about 80% of my mortgage off, although I do use the mortgage to draw on funds for big home improvements and I'm thinking of a new kitchen in the next couple of years
What interest rate is your mortgage, it'll be much higher then any savings account you'll get in the vast majority of cases"
3% is my mortgage rate and I've 5 years left on the term so if I can get better than that for 5 years I'd maybe go with that |
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By *londeCaz OP Woman
over a year ago
Arse End of the Universe, Cumbria |
"How about topping up your pension? I've been doing that for the last couple of years  "
I enquired about buying extra years with my pay rise...if I invested around £4k for this year it'd buy me 107 days - I've kinda discounted that as I don't even know whether I'll live to get my pension and when I did the sums it didn't work out a huge difference when I extrapolated it over the rest of my working life |
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By *eavenNhellCouple
over a year ago
carrbrook stalybridge |
"Right gang....first off, I am going to arrange to talk to an IFA, but I thought I'd throw it open to you rabble (oops, meant wise forumites, honest)...
I've got a 5 year ISA maturing at the end of the month, been getting 4.6% on it, there'll be about £11k; I doubt I'll get anything near as good a rate now so I'm wondering what I can do with the money that might make me a bit more than the miserable rates available. I know sweet Fanny Adams about investments, I'm not into high risk so I won't be putting it on the dead cert in the 2.50 at Cheltenham but I'm open to any suggestions that I can punt at the IFA so I hopefully look less like a complete naïf. I'm happy to tie it up for up to 10 years...any ideas?"
might be worth looking at govtbonds usualy give between 6-8% per anum in interest/dividend but would be looking at a ten year investment if thats what your looking for |
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By *londeCaz OP Woman
over a year ago
Arse End of the Universe, Cumbria |
"Right gang....first off, I am going to arrange to talk to an IFA, but I thought I'd throw it open to you rabble (oops, meant wise forumites, honest)...
I've got a 5 year ISA maturing at the end of the month, been getting 4.6% on it, there'll be about £11k; I doubt I'll get anything near as good a rate now so I'm wondering what I can do with the money that might make me a bit more than the miserable rates available. I know sweet Fanny Adams about investments, I'm not into high risk so I won't be putting it on the dead cert in the 2.50 at Cheltenham but I'm open to any suggestions that I can punt at the IFA so I hopefully look less like a complete naïf. I'm happy to tie it up for up to 10 years...any ideas?might be worth looking at govtbonds usualy give between 6-8% per anum in interest/dividend but would be looking at a ten year investment if thats what your looking for "
Thanks, I'll have a look at those too |
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There are some very good unit trusts out there that may be worth looking at, but if you are willing to take a bit of a risk then maybe you should consider buying yourself a small share portfolio, it will pay you a small to reasonable annual dividend plus the share growth should more than cover capital depreciation. |
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By *londeCaz OP Woman
over a year ago
Arse End of the Universe, Cumbria |
"You could invest it in a new car for me- after a 3 year period i then hand the car back to you and you can keep any profit from the sale  "
That sounds a good idea...I'll just wait on my money turning up from the Nigerian royal family in exile and then I'll get your car |
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By *londeCaz OP Woman
over a year ago
Arse End of the Universe, Cumbria |
"Buy a barrel of malt whisky.
As I can't stand the stuff, it'd be a safe investment for me
It is a serious option - returns can be very good - and relatively "safe""
I'll look into it |
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By *londeCaz OP Woman
over a year ago
Arse End of the Universe, Cumbria |
"There are some very good unit trusts out there that may be worth looking at, but if you are willing to take a bit of a risk then maybe you should consider buying yourself a small share portfolio, it will pay you a small to reasonable annual dividend plus the share growth should more than cover capital depreciation."
Shares scare me - I haven't the foggiest where to even start! |
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By (user no longer on site)
over a year ago
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Look into precious metals.
Gold and silver are dirt cheap at the moment, you could easily sit on it and double your money in a few years time if they go back up to pre-recession levels.
Gold is VAT free and is around £766 an ounce
Silver you will pay VAT on so the best way to avoid this is buying second hand and not from a bullion dealer. It's about £12 an ounce at the moment.
If you want a roll of the dice on the stock market look at fastjet - with their shares trading so low you can buy a lot for your money, then even small rises will give you a good profit
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By *londeCaz OP Woman
over a year ago
Arse End of the Universe, Cumbria |
"Look into precious metals.
Gold and silver are dirt cheap at the moment, you could easily sit on it and double your money in a few years time if they go back up to pre-recession levels.
Gold is VAT free and is around £766 an ounce
Silver you will pay VAT on so the best way to avoid this is buying second hand and not from a bullion dealer. It's about £12 an ounce at the moment.
If you want a roll of the dice on the stock market look at fastjet - with their shares trading so low you can buy a lot for your money, then even small rises will give you a good profit
"
Thanks, something else for me to think about |
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By (user no longer on site)
over a year ago
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It may be worth using some of it to lower the remaining term on your mortgage. There are some good Unit Trusts out there too and you can choose the fund for the level of risk you are happy to take.
10 years sounds like a long time to be stuck with the same product, especially as like others have said - interest rates are sure to rise.
Shares would be easier than you think - just have a little dabble. I know the Post Office issue did well - so keep an eye out for something like that. |
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By *yrdwomanWoman
over a year ago
Putting the 'cum' in Eboracum |
"You could invest it in a new car for me- after a 3 year period i then hand the car back to you and you can keep any profit from the sale "
Oi, she already has a freeloading friend with their hand out. Get in the queue! |
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By (user no longer on site)
over a year ago
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"You could invest it in a new car for me- after a 3 year period i then hand the car back to you and you can keep any profit from the sale
Oi, she already has a freeloading friend with their hand out. Get in the queue!"
I could give you a lift to the front of the queue in my shiny new car |
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