10k to save?

mantamark

Hi, I have 10k that i want to put away for a rainy day, can someone suggest the best place to put it, ie, highest return?

I have no idea about ISA's, Bonds and so on, if someone could help me, that would be great.

I just want to know where to start looking, its all so confusing!

Thanks very much.

ricardido

It depends what you want out of the money and how accesible you need it to be!

A 3 or 5 year bond will usually give good returns, but you cant withdraw any without loosing the interest.

alastair_h

Have you used your Cash ISA allowance for this year? Find link to best buys below. If below 50 and if not you could put £3,600 away now and a further £5,100 from 6th April. The rest could be in a high interest account - egg for example. This would allow you to make full use of your tax free allowance.
http://forums.moneysavingexpert.com/showthread.html?t=401374

mantamark

Not used any allowance at all.

Not too fussed about access to the money, though i don't want it to be totally locked up so i can't get at it at all, just in case.

I will have a look at the link, thanks very much.

rictus123

I would get the highest paying fixed isa you can find to start with and fill that now then keep some in a regular saver to fill for the next tax year come April

jennyjj

mantamark wrote: »

Hi, I have 10k that i want to put away for a rainy day, can someone suggest the best place to put it, ie, highest return?

I have no idea about ISA's, Bonds and so on, if someone could help me, that would be great.

I just want to know where to start looking, its all so confusing!

Thanks very much.

I guess I'd like to know too. The interest on my internet banking as gone really rubbish and I'm sick of it. I'm still searching around on this very busy site for the best home for my savings, but to be honest it's all so much info and opinion for me to take in.

I did once sign up with ZOPA but never did anything with it - It that a good place to put my spare cash? What sort of return is it reasonable to expect nowadays?

I dont mind a bit of risk, but nothing too stupid and after iceland, I think something in the uk would suit me best.

Thanks in advance.
JJ

david78

Hi.

Best place to start is to read the section on the main site explaining what a cash ISA is. Its really just a savings account (or set of different savings accounts) where there is a maximum you can pay in each year (a year runs from 6 april one year to 5 april the next). But crucially they don't take tax off your interest.

For the current year, which ends 5 April 2010, the maximum is £3,600. From next year the maximum will be £5100.

All cash ISAs are non risky investments. Have a look at the latest interest rates available from the table on the main site.

If you want ultra safe investments and dont want inflation eating your cash have a look at index linked certificates at NS&I. These are tax free too.

Good luck.

jennyjj

Thanks, i have my isa all paid up but even that gives pathetic interest. I have a few shares and company pension etc, but a recent windfall has left me a bit flush. Short of spending it on shoes, I'm loking for investment ideas over say 3 years or more. And no-one suggest that I give it to there drinking fund I can do that for myself.

Gorgeous_George

jennyjj wrote: »

I guess I'd like to know too. The interest on my internet banking as gone really rubbish and I'm sick of it. I'm still searching around on this very busy site for the best home for my savings, but to be honest it's all so much info and opinion for me to take in.

I did once sign up with ZOPA but never did anything with it - It that a good place to put my spare cash? What sort of return is it reasonable to expect nowadays?

I dont mind a bit of risk, but nothing too stupid and after iceland, I think something in the uk would suit me best.

Thanks in advance.
JJ

Hi

I have £4K with Zopa earning around 7.3% after fees but before bad debt and tax. It isn't immediately available if I want it back of course as I have to wait until the loans are repaid. It currently recovers £139 per month (interest and capital repayments). I have been lending for a year and have no late payments but one loan is classed as written off costing me £17.59. Higher returns are available but with greater risk - I'm fairly cautious these days and I wouldn't make the loan that has turned bad today.

GG

Jonbvn

ZOPA should only really be considered after you have filled up your ISA allowance. It is certainly not the place for rainy-day money.