£3k to invest until summer.

Soprano

Not a great amount I know, but its currently sitting earning almost nothing in Sainburys saving account.

I may need to withdraw it at short notice, (but think it unlikely). I'm planning on sticking away a £100 odd per month.

The plan is to move in the Summer. I already have an ISA. I just will need this money to spend on the move and a few other things...

Cheers in advance

rb10

Try a Regular Savings account, there's a list of the top ones here.

Some will not allow any withdrawals, so you could go for one like Stroud and Swindon (4.5%, one withdrawal per year) or Barclays (4.25%, but a lower rate in any month that you make a withdrawal).

gozomark

It would be brave/foolish to invest this for a period of 6 months or so - you should be looking at savings not investment products

Soprano

gozomark wrote: »

It would be brave/foolish to invest this for a period of 6 months or so - you should be looking at savings not investment products

I am looking for a place to put my savings, which currently earns 0.5% interest. As said, my plan is to move in the Summer, but am aware its possible, it would be much longer depending on the market. You'll have to explain your brave/foolish comment to me as I have no idea what you mean.

rb10

Soprano wrote: »

You'll have to explain your brave/foolish comment to me as I have no idea what you mean.

In your initial post, you said that you wanted to "invest" your £3k. Technically, use of the word "investing" means products linked to the stock market, and that type of thing, rather than "saving", which means your day-to-day savings accounts.

So, it would be very risky and foolish to put £3k into an "investment" (using the above definition) for just six months - you could lose a lot of money that way.

But, I think it was quite clear that you were talking about finding a savings account for it, especially as use of the term "invest" is now commonly used to describe savings accounts.

dunstonh

especially as use of the term "invest" is now commonly used to describe savings accounts.

Doesnt make it right though.

Now cue the banks mis-use of "Bond" or the dumbing down of life assurance to be called insurance because the marketing people both think that they sell more that way

D1zzy

dunstonh wrote: »

Doesnt make it right though.

Now cue the banks mis-use of "Bond" or the dumbing down of life assurance to be called insurance because the marketing people both think that they sell more that way

Maybe not - but the majority of posters in this forum are not financial "pros" or "ex-pros" and most of the time it is obvious from their question whether they are looking for advice on "savings accounts" or stocks etc. Much as we amateurs appreciate all the good information and advice provided by you "pros" this predictable pendanticism every time someone uses the word "invest" is just soooooooooooo boring -
For what its worth -dict definition of invest:- To commit (money or capital) in order to gain a financial return, - no mention of from where the return comes.
Thanks -end of rant :rolleyes:

psychic_teabag

As rb10 said, a regular saver is probably best for your 100/month. For the 3k, you say it's earning nothing in a Sainsbury's account, but you should be able to get 3.2% at Sainsbury's. You might just need to open a new account and do an internal transfer (I've done that a couple of times when they drop the rate on an existing account and add a new one).

Note that this Sainsbury's account only allows 3 withdrawls a year which would prevent you playing a couple of games :

• open a halifax reward current account, and move 1k in and out every month, to earn £5/month.
• Use the drip-feeding trick to add your capital to the regular saver gradually. (But I'm not sure it's worth the hassle for 6 months or so)

You can also get 3% or more without withdrawl restrictions from Tesco, ING, Citibank, ... See the list of the best accounts elsewhere on this site. I think the article about drip-feeding might suggest suitable instant-access accounts.

gozomark

D1zzy wrote: »

most of the time it is obvious from their question whether they are looking for advice on "savings accounts" or stocks etc.

The only clear meaning from the first post is that he interested in investments. There is no mention of saving, other than that its in a current account ATM.

dunstonh

D1zzy wrote: »

Maybe not - but the majority of posters in this forum are not financial "pros" or "ex-pros" and most of the time it is obvious from their question whether they are looking for advice on "savings accounts" or stocks etc. Much as we amateurs appreciate all the good information and advice provided by you "pros" this predictable pendanticism every time someone uses the word "invest" is just soooooooooooo boring -
For what its worth -dict definition of invest:- To commit (money or capital) in order to gain a financial return, - no mention of from where the return comes.
Thanks -end of rant :rolleyes:

Given that there was no indication of what the OP was referring to other than investments, then having a post or two clarifying which it is meant to be is best.

Perhaps you feel it would be better for people to respond with investment options next time someone says investments rather than the clarification posts that make sure?

D1zzy

gozomark wrote: »

The only clear meaning from the first post is that he interested in investments. There is no mention of saving, other than that its in a current account ATM.

My point was a general one The "finance speak" differentiation between Invest and Save is not used by the layman (nor to the dictionary) so in MOST CASES some simple options or recommendations based on the OPs posting ( in this case 3K for 1 year) is a more useful response than pedantic points scoring from financial insiders on the correct use use of terminology.