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O/T for NSC financial advisors



DIFFBROOK

Really Up the Junction
Feb 3, 2005
2,266
Yorkshire
I have come into £10,000. Need to spend £4,000 of it now, but would like to save/invest £6,000 5 years max as this will go towards a new car.

Already have £5,000 in an instant cash ISA for rainy day.

What are my options for the £6,000?

Went to Nationwide today (they being my building society) and they were pretty useless. So, any advice welcome.
 


KZNSeagull

Well-known member
Nov 26, 2007
19,693
Wolsingham, County Durham
The interest rates in SA are pretty good at the moment and the exchange rate is massively in your favour. So send it to me - I'll send it back in 5 years, no problem :)

Well someone had to - best to get it out of the way early.
 


bhanutz

Well-known member
Aug 23, 2005
5,998
When will you need access to the money? if you may require it in a year or two I would suggest a cash ISA, If you have used your allowance this tax year put it in a savings account and into a cash ISA in April.
 


Springal

Well-known member
Feb 12, 2005
23,713
GOSBTS
Not an IFA but...

Savings probably not worth it, unless you want to put away for a long time. Could wait to use next years ISA allowance (and probably have to move accounts) in March.

Failing that, you do get a tax-free stocks/shares ISA allowance of around £5760, if you have used your cash ISA limit. I used share.com, and in their cautious product, I have seen a return of nearly 4% since its been invested. Of course it is related to stock market, so could go down, but extremely low risk from my research.

https://www.share.com/isa and check out their 'ready made' ones
 








MJsGhost

Remembers
NSC Patreon
Jun 26, 2009
4,410
East
ISAs may be tax free, but that's not overly relevant seeing as the interest rates are so low. £5000 invested at 1.75% (about the best ISA rate you'll find at the moment I think) is only going to earn £87.50 in a year - saving tax at 20% will mean £17.50, so a modest saving (more worthwhile for a higher rate taxpayer of course)

Have you looked into peer-to-peer lending? I looked into it a while back, but ended up knocking a chunk off of my mortgage instead. A quick search suggests money guru Martin Lewis gives his seal of approval...

http://www.telegraph.co.uk/finance/...-What-I-earned-from-peer-to-peer-savings.html
 


MJsGhost

Remembers
NSC Patreon
Jun 26, 2009
4,410
East
I have all my savings put away in premium bonds. I must be lucky, but I definitely seem to beat what I'd get back from any savings accounts.

I've had (not many) premium bonds since 2006 and never won a penny!
 




Uncle C

Well-known member
Jul 6, 2004
11,678
Bishops Stortford
First you need to define the level of risk. For instance are you prepared to lose any or most of it? Or are you saving it for a rainy day?
 


beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,265
for savings, i'd reckon one of the comparison websites will give you the best rate, a 5 yr bond might well beat an ISA even after tax.
 


Mellotron

I've asked for soup
Jul 2, 2008
31,730
Brighton
I have come into £10,000. Need to spend £4,000 of it now, but would like to save/invest £6,000 5 years max as this will go towards a new car.

Already have £5,000 in an instant cash ISA for rainy day.

What are my options for the £6,000?

Went to Nationwide today (they being my building society) and they were pretty useless. So, any advice welcome.

I work as an IFA. Investing in a Stocks and Shares ISA could bring you returns of 3-5%, however you'd need to be willing for the funds to stay there probably minimum 2 years (no lock ins though) to see that sort of return on your investment, as time would be needed to overcome the initial charges on the investment.

Please PM me if you'd like to discuss further.

Cash ISA limit is £5,760
Stocks and Shares limit is double that, £11,520
 




Mellotron

I've asked for soup
Jul 2, 2008
31,730
Brighton
Premium Bonds bring a return of 1.3% on average.
 


Chicken Runner61

We stand where we want!
May 20, 2007
4,609
Not an IFA but If I had £6k

Put £3k in santander acc get 3% no risk and your money whenever you might need it and I think Nationwide have a similar account with no risk

More risky Zopa or one of the other peer to peer lenders get 4-5%

I can give you a link for Zopa and you can get £25 Free if you join (so do I)
 


Bozza

You can change this
Helpful Moderator
Jul 4, 2003
55,575
Back in Sussex
Not an IFA but If I had £6k

Put £3k in santander acc get 3% no risk and your money whenever you might need it and I think Nationwide have a similar account with no risk

The Santander 1-2-3 pays 3% up to a balance of £20k.
 






mistahclarke

Well-known member
Jul 28, 2009
2,997
I'm sure my nationwide pays 5% if I put over a grand in monthly. Shame it's used for the Greyhound syndicate really.
 




MCW

New member
Jan 5, 2012
95
I have come into £10,000. Need to spend £4,000 of it now, but would like to save/invest £6,000 5 years max as this will go towards a new car.

Already have £5,000 in an instant cash ISA for rainy day.

What are my options for the £6,000?

Went to Nationwide today (they being my building society) and they were pretty useless. So, any advice welcome.


Peer to Peer lending might be a way of safely investing,get returns that are beating the banks and helping people pay less for a loan.
http://www.zopa.com/lending/grow-your-savings.

Other middle men are available.
 




Hans Kraay

New member
Aug 3, 2003
753
Church Langley, Essex
I've used zopa for a long time and now also assetzcapital which lend money short term to businesses with charges against property ect to cover possible losses. These often pay 1% a month on 6-10 month short term or 13% if loaned for longer. Check it out but with any investment spread your bets.
 


Uncle C

Well-known member
Jul 6, 2004
11,678
Bishops Stortford



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