Best place for my money

jackie_w

Hi, Dh and I have £40,000 which we want to put somewhere but where. At the moment, its just sitting in an RBS tacker account.
The bank are constantly on the phone to us trying to get us to come in and see them, they are talking about bonds and saying that we should be making plans for our children because if anything happens to us, we need to make sure the children are okay.

Does anyone have any ideas? Should we speak to RBS financial advisor or should be speak to an Independent financial advisor?

my husband was also talking about putting some of the money into stocks and shares? Does anyone think this is a good idea?

jackie_w

I asked for advice not sarky comments.

T**t

LucyTheDwarf

Do not talk to the RBS "financial advisor". They are nothing but salesmen. If you want financial advice, make sure it's an IFA.

Perhaps a wise idea would be to split it up between saving and investments? Have you both maxed your ISA allowance for the year? If not, this is where I'd start, with a good cash ISA each. http://www.moneyfacts.co.uk/savings/bestbuys/mini-cash-isa.aspx HSBC's online ISA is 6.25%, but you need to switch your current account to them - and it's not that competitive at all!

Then how about put the rest of the portion you are saving into a high interest, savings account. In fact, heres the best buys list, split into different types of account. Enjoy http://www.moneyfacts.co.uk/savings/bestbuys/default.aspx

jackie_w

Thank you Lucy,

We will have a look at those tonight.

Jackie x

rizla01

jackie_w wrote: »

I asked for advice not sarky comments.

T**t

Have you thought about investing in property?:eek:

baby_boomer

Unless you mean "What is the best savings account for my money for instant access / 1/2/3/4/5 years ?" we can't really answer the question as there are so many other variables (family, insurance, job prospects, pensions, housing etc. etc. ) that a financial adviser would have to factor into the equation.

If it is a savings account you want, what timescale fits your finances? What portion of that £40K needs to be instant access in case the roof falls in?

jackie_w

HUbby thought about investing in property but, im not so sure. Suppose its something to think about lol

Jackie

jackie_w

baby_boomer wrote: »

Unless you mean "What is the best savings account for my money for instant access / 1/2/3/4/5 years ?" we can't really answer the question as there are so many other variables that a financial adviser would have to factor into the equation.

If it is a savings account you want, what timescale fits your finances? What portion of that £40K needs to be instant access in case the roof falls in?

We've already got other savings which we can get instant access to. I think we would be talking 5 years investment/savings.

baby_boomer

5 years used to be OK when considering stock market investment.

Our resident IFA dunstonh has recently extended that time-scale to 7+ years for his own peace of mind . LOL.

Property investment is on a similar time-scale. The problem with property investment in buy-to-let is that your £40K would be a geared bet on the direction of the property market.

If you used it to buy a £200K flat to rent out and the market fell 20% (which many commentators think possible) you would have lost your entire £40K in, say, 18 months!

echelon101

Kaupthing Edge and locked it up in a 3yr acc maybe?