I have 10k for 8 months - what to do?

irish_eyes_3

I have paid off my cc debts over last 2-3 years so no cc debt.

MBNA called me to offer me up to 10k interest free until July 2009 with £300 handling fee.

If i could invest it wisely for these 8/9 months and make at least £300 I will break even, anything more and its worth my while.

Any ideas where to put the money to maximise return?

IT_nerd

Is it likely you will end up dipping into it, if you know it's there?

irish_eyes_3

no chance at all,

opinions4u

http://www.askbm.co.uk/savings/t/fixed/intro.asp

6.85% for 6 months = £274 net of basic rate tax.

Pick up 5% in an easy access account for a month = £34 net

Allow the other month to receive / clear / repay the £10k.

You'll make a £8 profit!

Forget to make a payment, get charged a nasty fee and a high rate of interest and lose £hundreds.

Risk v Reward not worth the effort.

IT_nerd

7K profit? Eh?|

irish_eyes_3

opinions4u wrote: »

http://www.askbm.co.uk/savings/t/fixed/intro.asp

6.85% for 6 months = £274 net of basic rate tax.

Pick up 5% in an easy access account for a month = £34 net

Allow the other month to receive / clear / repay the £10k.

You'll make a £8 profit!

Forget to make a payment, get charged a nasty fee and a high rate of interest and lose £hundreds.

Risk v Reward not worth the effort.

doesnt look like its worth it,

freddysmith

All they are doing is putting temptation in your way because they know your spending habits.
You say 'invest it wisely', the best advice I would give is NOT to take the offer up. £10,000 might sound a lot but as you have to pay a £300 fee for this money interest free, its really not worth it.

irish_eyes_3

freddysmith wrote: »

All they are doing is putting temptation in your way because they know your spending habits.
You say 'invest it wisely', the best advice I would give is NOT to take the offer up. £10,000 might sound a lot but as you have to pay a £300 fee for this money interest free, its really not worth it.

I havent spent on a cc in abut 3 years since i was at uni so theres no chance of me dipping into it and my spending habits with them are non existent as i opened the card originally to tart and never have actually purchased anythign with it.

But i guess i am being naive thinking i coudl earn more than the £300!

freddysmith

Maths is a wonderful thing.....glad you have worked it out.

irish_eyes_3

freddysmith wrote: »

Maths is a wonderful thing.....glad you have worked it out.

ouch.

maths is a great thing but so is knowing what are the best deals on the market,

and that knowledge is what i was looking for here.

freddysmith

Whats the ouch for?

The guy did the maths so you now realise it is not worth saving the £10000 to make much of a profit.