IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
Best thing to do with 3k
Closed Thread
Views: 949
Thread Tools Search this Thread Display Modes
# 1
oxford1987
Old 05-09-2010, 2:22 PM
MoneySaving Newbie
 
Join Date: Jun 2010
Location: Oxford/London
Posts: 12
Default Best thing to do with 3k

Afternoon all,

I've been squirrelling away and have put 3k in the bank which at the moment is earning next to nothing in an HSBC savings account. I can be without it for a year, and would obviously like to get the best return I can on it. I've checked out the links in the main section of the site, but also came across the Funding Circle, which is like Zopa except that you lend to businesses. Anyone had any experience with it, or have any insight into the wisdom of putting some money into it?

Their site is at fundingcircle.com

Thanks
oxford1987 is offline
Report Post
The Following User Says Thank You to oxford1987 For This Useful Post: Show me >>
# 2
CLAPTON
Old 05-09-2010, 2:51 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Mar 2006
Posts: 30,849
Default

for only 3k just open the best cash ISA you can find... tax free and instant access if you need the money
CLAPTON is online now
Report Post
The Following User Says Thank You to CLAPTON For This Useful Post: Show me >>
# 3
cashbackproblems
Old 05-09-2010, 7:30 PM
Serious MoneySaving Fan
 
Join Date: Dec 2007
Posts: 1,117
Default

hey just checked out the site and everything seems legit! I have lent with zopa before and made 7% but never heard of this site and am thinking of lending some myself! Its double ud get from an ISA and as long as u spread the loan among many businesses u'll be safe!
cashbackproblems is offline
Report Post
# 4
Sackagold
Old 05-09-2010, 7:44 PM
MoneySaving Convert
 
Join Date: Sep 2010
Posts: 46
Default

haven't heard of neither zopa nor fundingcircle before, very interesting. thanks for the links.
Sackagold is offline
Report Post
# 5
gt94sss2
Old 05-09-2010, 8:41 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Jun 2003
Posts: 3,574
Default

Quote:
Originally Posted by oxford1987 View Post
I've been squirrelling away and have put 3k in the bank which at the moment is earning next to nothing in an HSBC savings account. I can be without it for a year, and would obviously like to get the best return I can on it.
The best 1 year fixed rate bond is from Aldermore who offer 3.01% (see Post 7), while ICICI Bank offer 3%.

If you wanted to stay with HSBC, they offer 2.8% for one year and 3.1% for 18 months.

If you are a tax payer, its also worth looking at ISA accounts, if you don't have one already.

Regards
Sunil

Last edited by gt94sss2; 05-09-2010 at 9:23 PM.
gt94sss2 is offline
Report Post
# 6
cashbackproblems
Old 05-09-2010, 9:08 PM
Serious MoneySaving Fan
 
Join Date: Dec 2007
Posts: 1,117
Default

Just signed up and lent some money, with this site the lenders far outweight customers looking for loans, so it would take a while for ur money to be lent and unless u set a low rate which would in fact still earn u more than a bank.

Personally id advise to stick to zopa, much more established.
cashbackproblems is offline
Report Post
# 7
atypical
Old 05-09-2010, 9:09 PM
Serious MoneySaving Fan
 
Join Date: Nov 2008
Posts: 1,309
Default

Quote:
Originally Posted by gt94sss2 View Post
The best 1 year fixed rate bond is from Aldermore who offer 3.01%, while ICICI Bank offer 3%.
Bank of Baroda offer 3.15% for 1 year:
https://www.bankofbarodauk.com/bmxac...obmaxcmpn.aspx
"An economist is a surgeon with an excellent scalpel and a rough-edged lancet, who operates beautifully on the dead and tortures the living." - Nicholas Chamfort
atypical is offline
Report Post
The Following User Says Thank You to atypical For This Useful Post: Show me >>
# 8
Gorgeous George
Old 06-09-2010, 10:03 AM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2006
Location: ??485285
Posts: 7,787
Default

I love Zopa but have also made some loans at Funding Circle. Zopa launched in 2005 and have a history to give lenders some confidence. FC, OTOH, is new.

The benefits of FC are that for a limited time, lenders get 2% cashback. There is also a secondary market for loan parts. I have made six loans and sold five of them. But it is new and that brings its own risks.

The benefits of Zopa are the 5+ years of success.

GG
Gorgeous George is offline
Report Post
Closed Thread

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 11:23 PM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 24 September 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • ALT-JTHIS IS ALL YOURS
  • THE SCRIPTNO SOUND WITHOUT SILENCE
  • APHEX TWINSYRO

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.