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Where Is the best place to invest 8k??

Hello there all, I have just come into some money just shy of 8K and would love advise on the best place to invest it....?

Thanks all
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Comments

  • wombat42_2
    wombat42_2 Posts: 1,312 Forumite
    If you have little or no cash savings already, I would stick it in a high interest savings account like ICICI. You should only invest in anything at all risky if you have decent cash savings to fall back on and be able to put it aside for 5 years plus.
  • CruiserP
    CruiserP Posts: 10 Forumite
    Tenth Anniversary Combo Breaker First Post
    Yeah its the only savings i've got really.... how much can you expect with an ICICI and what is one...?
    Thanks
  • theGrinch
    theGrinch Posts: 3,133 Forumite
    Part of the Furniture 1,000 Posts
    an ISA. i know the rates arent the greatest at the moment, but taking up your allowance in this tax year (before 5th april) and then again for 2009/10 iswith one eye on the future when rates do rise again.
    "enough is a feast"...old Buddist proverb
  • teaspoon1
    teaspoon1 Posts: 295 Forumite
    CruiserP. Sorry to be pedantic, but you can't honestly call them your "savings" if you haven't saved them yourself. It's sort of an insult to those who have saved £8k through hard work and sacrifice. Maybe call it your nest egg?

    In any case, good luck and I hope you find a decent savings account (and that interest rates improve soon!).
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    theGrinch wrote: »
    an ISA. i know the rates arent the greatest at the moment, but taking up your allowance in this tax year (before 5th april) and then again for 2009/10 iswith one eye on the future when rates do rise again.

    You cant get better advice than this.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    teaspoon1 wrote: »
    CruiserP. Sorry to be pedantic, but you can't honestly call them your "savings" if you haven't saved them yourself. It's sort of an insult to those who have saved £8k through hard work and sacrifice. Maybe call it your nest egg?

    In any case, good luck and I hope you find a decent savings account (and that interest rates improve soon!).

    The OP never mentioned the word 'savings' in his original post did he. In any event they are his savings because he is saving them.
    and yes you are being pedantic and the first part of your post was pointless and unhelpful. I wasnt insulted at all and i dont suppose most savers even thought about it.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • gozomark
    gozomark Posts: 2,069 Forumite
    CruiserP - do you mean save or invest, as you mentioned invest (ie put your capital at risk), but all the answers have referred to savings
  • teaspoon1
    teaspoon1 Posts: 295 Forumite
    The OP never mentioned the word 'savings' in his original post did he. In any event they are his savings because he is saving them.
    and yes you are being pedantic and the first part of your post was pointless and unhelpful. I wasnt insulted at all and i dont suppose most savers even thought about it.

    Fair point, although he did call them his savings in post 3. In the same vein, I did also notice that most replies have advised saving rather than investing if he wants access to the cash in the short term (good advice imho). In any case, as I said, I wish him good luck in finding a good home for his £8k and fair play to him for wanting to save/invest it rather than spend it.
  • theGrinch
    theGrinch Posts: 3,133 Forumite
    Part of the Furniture 1,000 Posts
    You cant get better advice than this.


    as I said, there are better rates, but i invested in one not just to be short sighted as to what rates are today, but what they may be in future. I believe there will be significant tax rises and inflationary pressures in future and thus it is essential to plan and take action ro minimise your tax burden

    the odd percent here and there at the momentary is key.

    personally, I parked in a stocks and shares isa and will phase.
    "enough is a feast"...old Buddist proverb
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