Need advice on investing cash

ariston

Hi all,

Just recently came into some cash (35,000) which I need to invest ASAP. Trouble is there is so much conflicting information out there and I'm so confused. I don't need access to the money in the short term, but if I fix the money I don't want to be tied into poor interest rates.

I'm getting frazzled about where to invest...banks are not very helpful. Is it worth going to a financial advisor?

I think a cash ISA is the first place to start...that still leaves a chunk to invest.

Are premium bonds safe or just a waste of time???

I've been scarred by investing in stocks and shares.....

Some advice would be really appreciated!

Thanx.

stephenni1971

I'm getting frazzled about where to invest...banks are not very helpful. Is it worth going to a financial advisor?

Yes

I think a cash ISA is the first place to start...that still leaves a chunk to invest.

Rates not particularly good for CASH ISA's at the moment but it is an option

Are premium bonds safe or just a waste of time???

Payouts on premium bonds are dropping again to give a yield around 1% I believe - a similar option might be to put £20 on the 2.30 at Aintree.

I've been scarred by investing in stocks and shares.....

No need to be scared, but get good advice. You can also have a Stock & Share ISA to let you dip your toe with tax efficiency. You can also look at purchasing shares or units in a unit trust on a monthly basis, this is a cautious and sensible approach.

There are lots of different options for you, but if you speak to a good adviser they should be able to tell you which ones fit your own personal circumstances

Lokolo

Just in case you don't know. Investing is putting money into the stock market, in one form or another. This means you can lose your capital. So you put in £35k, in 5 years, you could only have £30k. However this risk is in the hope you get better returns than you would for cash.

G_M

I'm getting frazzled about where to invest

I don't think you mean 'invest' as you seem to be reluctant to go into the stock market. So..... 'save'.

Cash ISA - yes, start with this up to the max each year. Search Moneyfacts or here for the best one.

Premium bonds - poor returns (and getting worse next month) but always the 'fun' of hoping for a big win. Or try going to a casino each month!

If you don't need access and don't want to be tied to poor rates, try Investec's High Five account.

The rate changes every week but always = the average of the top 5 accounts listed by Moneyfacts, so it's always nearly the best-paying account. This week's rate is 3.31%.
You need to give 3 months notice, and need a minimum balance of £25K. It is post/phone operated and it IS covered by the FSA’s £50K compensation scheme. Details here, and some threads here.