I have £9500 to invest but dont know what my options are??

MrsB1982_2

Ive got £9500 that i want to invest but i dont know whose offering the best deal and what my options are. Does anyone have any suggestions?

D1zzy

Invest (shares etc) or save?

MrsB1982_2

Im hoping to buy my first home in the next year or so and want to use the money to put towards the purchase. So in an ideal world i would like to either invest or save the money and hope that it gains interest/value. But there's so many different savings and investment accounts i just dont know where to start looking for the right one for me.

Marcheline

Have you filled your ISA allowance for this year? That's where I'd start if I was working. If you have, then I would look at Martin's article under the orange tab banking/savings at the top of this webpage and read about what you think suits you best. http://www.moneysavingexpert.com/banking/

I have recently gone for a fixed rate of 3.85% for a year with the post office (this account is mentioned under the aforementioned savings tab) However, if you think you might need access to the money within the year then I know Halifax have an account where you can save for shorter periods of time, but get less interest, this is the one http://www.halifax.co.uk/savings/fixedwebsaver.asp

00ec25

if you really mean you want to buy within the next 2 years max then you cannot afford to risk your amount decreasing so any form of invetsment would expose you to that (the value of shares may rise and fall)

therefore you are looking at cash based savings. intesrest rates vary between 0.1% and 5%

the most you can make @5% over 2 years is about £900 but that is a fixed rate account meaning you can't withdraw the money when you want

look at the usual comparison tables (see numerous previous posts about what can I do with my £xx money) to make you own decision

MrsB1982_2

Marcheline, I've already got £1500 in an ISA with the Halifax, so does that mean I cant have another ISA with them or any other bank or building society.

I will check out the other discussions and look at the comparison tables.

Its just so hard to decide what to do with that amount of money especially when the financial market is up and down so frequently.

Thanks for your advice guys. Much appreciated. :j

steveksullivan

When did you deposit the money into the Halifax ISA?

You can only open one (cash) ISA depositing up to £3600 in any tax year (April to April) so if you opened the Halifax one before that, you still have the full allowance for this year - or if it was this financial year, you can top up the Halifax one to £3600

Also, what interest rate are you getting on it? Lots of people seem to think that having opened an ISA they are stuck with it - you can transfer ISA funds between providers (subject to any terms and conditions of particular accounts) so if its a bad rate find a provider that accepts 'transfers in' and move it ..... but do it by completing a 'transfer form' from your NEW provider - dont close the old account as it will lose its tax-free status.

mzqa395

I suggest you firstly invest in some investment book first. Investment is a zero sum game

gozomark

mzqa395 wrote: »

. Investment is a zero sum game

poker is a zero sum game - investment isn't

mzqa395

It is. Goldman sarchs win Lehman gone coz Goldman dont involve in CDS market. Read more books

mzqa395

EG when market collide

PS I can suggest books to read if any one interest