£200

Jem8472

Hi there folks

Ok, there must be someone out there who can give me some good suggestions for this one.

Ive just had my birthday and got quite a nice sum of money. Im getting married next may and for my honeymoon i would like to treat myself and by a nice new wardrobe of clothes (somthing i dont get to do much anymore, so it will be a nice treat ).

I want to take £200 of this money and invest in somewhere which is going to make me a nice amount of interest in the next 6 months or so. I will not make any withdrawls from this money, it will stay put.

Where do you think at this current moment in time, is the best place for me to put it?

Any suggestions greatly recieved

Thank you

Carla (jem8472's gf)

a7man

£200 - are you serious? What are you going to 'invest' in for £200!? The charges on shares make it a waste, interest over a year in a savings acct will earn you about £10.

Go to the casino and put it on red or black

[Deleted User]

For 6 months and no withdrawals I'd suggest a Fixed Rate Bond e.g. http://www.moneyfacts.co.uk/savings/bestbuys/short-term-fixed-rate-bonds.aspx

It should be noted that for a deposit of £200 for 6 months at say 7.02% AER you'd only earn £5.54 in interest (assuming you're a basic rate tax payer). If you don't pay tax it'd be £6.90...

a7man

Dont try and give a clever answer, because putting £200 into a fixed rate bond is just dumb.

She did say 'a nice amount of interest'

freddysmith

How about putting the £200 into premium bonds, you never know your luck.

http://www.nsandi.com/products/pb/index.jsp

Jem8472

Ok, maybe invest was not the right word

Lets just put it this way then . Instead of keeping the money in a tin under my bed (which would be even more dumb) i want to put it into an instant accsess savings account. What is the best one out there at the mo, which will give me the best rate of interest?

Pendle_Gazza

You might as well stick it in any current savings account you hold for the amount of interest it will get you.

Aegis

Pendle_Gazza wrote: »

You might as well stick it in any current savings account you hold for the amount of interest it will get you.

With that sort of attitude no-one would ever start saving. Personally I think it's commendable that the OP is looking to start down the savings route, even if it is with a fairly small sum to begin with.

OP: Unfortunately it's a bad time to start with the interest rates likely to come down some time soon. I'm sure someone can point you to a best buy table and get you started there by picking a good bank with a good savings rate.

If you can add even £25-50 a month to your initial pot, you'll have a lot more to play with when you come to take it out, so if you want to start seriously saving, run yourself a budget and see if you can afford that.

[Deleted User]

a7man wrote: »

Dont try and give a clever answer, because putting £200 into a fixed rate bond is just dumb.

She did say 'a nice amount of interest'

About as helpful as a chocolate fireguard! Not to mention rude.

Please substantiate why "putting £200 into a fixed rate bond is just dumb."

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

6 Month Fixed Rate Bond (Monthly Interest), £1 minimum investment, withdrawals are not allowed during the term of the bond.

With savings rates bound to fall in line with inflation I'd happily put £200 away into that.

Pendle_Gazza

Aegis wrote: »

With that sort of attitude no-one would ever start saving. Personally I think it's commendable that the OP is looking to start down the savings route, even if it is with a fairly small sum to begin with.

What?!!! The impression I got was that this money was only to be saved through to next May, so that's what my answer was based upon. What was the point suggesting anything different?!

[Deleted User]

loaner wrote: »

£200 over 6 months, you'll be lucky to make a fiver in interest after tax

I know!

Deleted_User wrote: »

It should be noted that for a deposit of £200 for 6 months at say 7.02% AER you'd only earn £5.54 in interest (assuming you're a basic rate tax payer)

What's with all the attitude from posters all of a sudden! Grrrr. Only trying to help!