What should I do??

derrybhoy

Right, heres the deal.

I came into a few pounds about 4 months back. Got £4000 pounds.

Got a call from my bank saying that I should invest some of it as it is making absolutley nothing sitting in my current account.

I dont know where to start to be honest. I would like to put away about 2000/2500 for 2 or 3 years.

Anyone got any ideas about where is the best place to put it? Should I go through my own bank or are there better options?

Regards

dunstonh

Should I go through my own bank or are there better options?

Banks offer only tied salesforce advisors. They are not allowed to advise on investment portfolios or recommend investment funds unless. This is why bank products tend to be single fund solutions (like GEBs).

With your timescale, you shouldn't be investing unless you are high risk in nature.

Chadsman

Personally I would put £3k in a cash ISA now and the rest in the same or another cash ISA when the next tax year starts in April.
Remember to shop around for the best rate.
:beer:

david78

I wouldn't touch the bank's investment with a bargepole. Splitting the money between this/next years min cash ISA allowance is sensible.

derrybhoy wrote:

Got a call from my bank saying that I should invest some of it as it is making absolutley nothing sitting in my current account.

You need to move your account then. When you've done this you can telephone them and thank them for this nugget of information.

johnmoney05

I agree with david78's advice...that is quite safe...but personally...I would rather invest portfolios which is higher risk but much higher return, especailly for the last two years...

ReportInvestor

The stock market after recent rises is probably not the place for a three year investment.

Is your timescale because you have earmarked the funds - eg for a property purchase or other reason - derrybhoy? Or was it a random timescale?

If you do have a 3 year timescale then I would go with cash ISA suggestions made above.