What to do with £55k

mattih5

Hi,

I'm undecided what to do with £55k. I don't want any risk on it but want to make healthy interest off it. Does anyone know where best to put it?

Gordon_the_Moron

For absolutely no risk put as much as you can in a cash mini ISA, then put the rest into a standard savings account but make sure it is one you can make standing orders from and pay £250 into Halifax regular savings account at 7%.

For more information visit:
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1103213261,45760,

Debt_Free_Chick

mattih5 wrote:

Hi,

I'm undecided what to do with £55k. I don't want any risk on it but want to make healthy interest off it. Does anyone know where best to put it?

Risk of what? Putting money in cash carries the risk that your return will not beat inflation, so that the capital doesn't maintain its purchasing power.

Please describe what you mean by "risk"

dunstonh

I agree with DFC. Risk is not an on or off situation. Its a sliding scale. For example, you can invest in an equity ISA without having any stockmarket investments. Risk "on" doesnt mean stockmarket. You can get investments with capital security or lock-ins (to lock in increases). There are all sorts out there for the low risk individual.

AlexIFA_2

How long are you wanting to invest for? Do you want any income from the £55k or do you want capital growth? What rate of tax do you pay? Are you married?

EdInvestor

Reducing the amount owed on your mortgage if you have one is risk-free and gives a better return than savings interest, because the mortgage rate is usually higher and the return is not taxed.