Help me invest

Lady_S

Hiya,

I am stuck. My partner and I are due to get a payment soon of about 15k. It is important that we make this money work for us, and if possible I would happy to put it in an account where at least some of it is tied up so we can't get our hands on it.

How is it best to invest this to get it earning the most for us? At the moment neither of us have any savings, and we are pretty lost as to what to do.

Chrismaths

I promise you won't be able to get your hands on it if you put in my account. Does this help?

cheerfulcat

Hi, Lady S,

Are you both contributing to a pension? That's one option, if a rather drastic one. Alternatively, you could consider a fixed term savings account.

HTH

Cheerfulcat

cloud_dog

One option would be use some of the money to repay some of your mortgage (assuming you have one), and depending on the type of mortgage you may even be able to dip into this money should you need to. This would benefit you in the longer term. Please check to make sure there are no penalties for repayment of capital.

cloud_dog

Lady_S

My partner doesn'thave a pension, but we do intend this money to go towards a deposit on a house in the future ( we don't have a morgage either).

I think this is coming down to different savings accounts.

Peter-Pan_5

i`m no expert but what about putting it in a fixed rate bond,ie Northern Rock

have a 1 year fixed rate of 5.01%