Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • davilown
    • By davilown 3rd Oct 17, 3:22 PM
    • 1,467Posts
    • 942Thanks
    davilown
    Where to put £40k for a reasonable return?
    • #1
    • 3rd Oct 17, 3:22 PM
    Where to put £40k for a reasonable return? 3rd Oct 17 at 3:22 PM
    I currently 'look' after a fund of £40k that's in an account paying 0.01% Gross/EAR with Scottish Widows. Part of my responsibility is to ensure that it gets a good return at low risk (so really only a savings account) and once that is accessible within a few weeks.

    Does anyone have any ideas about where would be a good place to put this money to improve the interest? It would need to be an account which the 'authorisers/signatories' could change on a semi-regular basis.

    Many thanks in advance
    Back in Debt £230,900 on a £230,900 mortgage) Overpayment £238 pm - Aim to be Mortgage free by 2028
    £27000/£27000 paid off Feb 2010 since LBM Jan 2007!
Page 1
    • dunstonh
    • By dunstonh 3rd Oct 17, 3:31 PM
    • 89,880 Posts
    • 56,553 Thanks
    dunstonh
    • #2
    • 3rd Oct 17, 3:31 PM
    • #2
    • 3rd Oct 17, 3:31 PM
    Part of my responsibility is to ensure that it gets a good return at low risk (so really only a savings account) and once that is accessible within a few weeks.
    What is your definition of low risk?

    Cash savings can be low risk for short term periods but high risk for long term periods. Investments can be built to cover most risk profiles. The shorter the term, the greater the risk. The longer the term, the lower the risk.
    It would need to be an account which the 'authorisers/signatories' could change on a semi-regular basis.
    Does this mean that its not for personal use? is it a trust, charity or club?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • davilown
    • By davilown 3rd Oct 17, 3:33 PM
    • 1,467 Posts
    • 942 Thanks
    davilown
    • #3
    • 3rd Oct 17, 3:33 PM
    • #3
    • 3rd Oct 17, 3:33 PM
    What is your definition of low risk?

    Cash savings can be low risk for short term periods but high risk for long term periods. Investments can be built to cover most risk profiles. The shorter the term, the greater the risk. The longer the term, the lower the risk.


    Does this mean that its not for personal use? is it a trust, charity or club?
    Originally posted by dunstonh
    It's a club and risk would be the lowest risk possible I think, so probably just sittings in a savings account.
    Thanks for your questions
    Back in Debt £230,900 on a £230,900 mortgage) Overpayment £238 pm - Aim to be Mortgage free by 2028
    £27000/£27000 paid off Feb 2010 since LBM Jan 2007!
    • Audaxer
    • By Audaxer 3rd Oct 17, 4:54 PM
    • 643 Posts
    • 285 Thanks
    Audaxer
    • #4
    • 3rd Oct 17, 4:54 PM
    • #4
    • 3rd Oct 17, 4:54 PM
    It's a club and risk would be the lowest risk possible I think, so probably just sittings in a savings account.
    Thanks for your questions
    Originally posted by davilown
    If it's going into a savings account in a bank covered by the Financial Services Compensation Scheme, then it would be no risk rather than low risk. The rates on savings accounts are fairly low, but I'm sure that you could find a better interest rate than you currently have by reading through the page below:
    https://www.moneysavingexpert.com/savings/savings-accounts-best-interest
    • Eco Miser
    • By Eco Miser 3rd Oct 17, 5:07 PM
    • 3,224 Posts
    • 2,988 Thanks
    Eco Miser
    • #5
    • 3rd Oct 17, 5:07 PM
    • #5
    • 3rd Oct 17, 5:07 PM
    If it's going into a savings account in a bank covered by the Financial Services Compensation Scheme, then it would be no risk rather than low risk.
    Originally posted by Audaxer
    There would be no risk of capital loss (subject to the conditions of the FSCS), but there is a risk of loss of value to inflation.
    Unfortunately, the promotional rates available to individuals are not generally available to clubs.
    Eco Miser
    Saving money for well over half a century
    • xylophone
    • By xylophone 3rd Oct 17, 5:36 PM
    • 23,640 Posts
    • 13,772 Thanks
    xylophone
    • #6
    • 3rd Oct 17, 5:36 PM
    • #6
    • 3rd Oct 17, 5:36 PM
    You would need to check whether the institution would permit you to hold as secretary/treasurer for the club.

    http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html
    • bigadaj
    • By bigadaj 6th Oct 17, 1:33 AM
    • 10,803 Posts
    • 7,100 Thanks
    bigadaj
    • #7
    • 6th Oct 17, 1:33 AM
    • #7
    • 6th Oct 17, 1:33 AM
    I think those posters quoting no risk need to review their understanding of risk, fscs covered is extremely low risk, there's always risk in everything you do.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,942Posts Today

7,736Users online

Martin's Twitter