£10k Were is the best place to put it?

mrsmoneypenny9

Hi,

I have £10k to save or invest, I have been looking around all week and I cant decide were best to put it, i dont mind a one year investment but I dont want to leave it as long as 5 years.

My Isa's are all full up for this year and I have fully offset my mortgage so now I am looking for a low risk place to put my balance of £10k.

I have opened a one year fixed rate at birmingham midshires at 7.11% but is this the best i can do?

whu

i think a one year fixed seems a good idea - have a look at www.moneysupermarket.com for best rates but i think this is a pretty good one

isofa

I'd say the one you've picked at 7.11% is pretty good, providing you've already used the £3600 ISA allowance first.

Have a look at the Moneyfacts Besy Buy Tables.

johng_uk

mrsmoneypenny9 wrote: »

Hi,

I have £10k to save or invest, I have been looking around all week and I cant decide were best to put it, i dont mind a one year investment but I dont want to leave it as long as 5 years.

My Isa's are all full up for this year and I have fully offset my mortgage so now I am looking for a low risk place to put my balance of £10k.

I have opened a one year fixed rate at birmingham midshires at 7.11% but is this the best i can do?

I'm going to open the BM 1 year fix at 7.11% soonest. I'd rather do that than use one of the Icelandic banks due to various stories I've read on here.

Markyt

Bank of Cyprus - 6 month fixed, at 7%. After 6 months, put it in whatever is the highest rate - by then, rates are likely to have gone up another .25 - .50%, so you'll be better off overall than with a 1 year bond.

isofa

johng_uk wrote: »

I'm going to open the BM 1 year fix at 7.11% soonest. I'd rather do that than use one of the Icelandic banks due to various stories I've read on here.

The usual Icelandic scare stories? Let's face it the UK banks are in just as much as a mess. Northern Rock anyone, Bradford and Bingley?

I personally think Iceland is no more of a risk that the UK, and if you are really bothered, don't deposit more than 35K with any one organisation.

johng_uk

isofa wrote: »

The usual Icelandic scare stories? Let's face it the UK banks are in just as much as a mess. Northern Rock anyone, Bradford and Bingley?

I personally think Iceland is no more of a risk that the UK, and if you are really bothered, don't deposit more than 35K with any one organisation.

Yes I agree that UK banks are hard cast iron certanties nowadays! Also, while the Iceland stuff may just be scaremongering, it may not. I prefer to stay closer to home - Not rubbisihng your opinion, just stating mine.

Also, 7.11% is better than the Icelandic offerings anyway

isofa

Fair enough johng_uk can't argue with that!