What to do with my £500?

Tia_Maria06

I have managed to save £500 from my sealed pot and birthday money. I have put it in a bank, but its just sitting there and I may be tempted to dip into it. Its the most cash I have had for a long while and I dont want to lose it.

What could I do with it to either make it grow or invest in something worthwhile.

(P.s I know its not the biggest amount of cash to play with lol)

Thanks guys x

COOLTRIKERCHICK

well done on your £500:T its a great feeling when you manage to save.

i have opened a Halifax and a Bank of Scotland bank account. the one that will pay you £5 a month if you put a £1000 a month into the accounts.

dont panic, there is a little bit of a loophole here:D

once you have opened the accounts, go to your nearest Halifax account and put your £500 into the account.

then go on line and transfer your £500 to the Bank of scotland account, do this a few times so basically you have put £1000 into your account.;) this will only take a few minutes a month, as you do not have to leave the money in the account for any length of time.

this will generate the £5 per month for each account... so your £500 will have earned you £10 per month, this is better than any interest rate, plus you are not risking your hard saved money of stock to sell, in the hope it will sell.

I personally would not use these accounts for any bills etc, leave your £500 in either account.


there are more threads on the halifax £5 reward on the banking board.

good luck, and again WELL DONE on your £500:beer:

savemoney

Open an ISA then you can add whatever you want up a limit for the tax year. You should get over 3% interest

If you have it lying around is very easy to just dip into it, I know I been there before many times

Like Oh I just pay windows cleaner? I just pop into B&Q get some bits

Tia_Maria06

Aw, thanks for your replies, I was getting worried that no one would help me out lol.

I think I may have trouble with the banks (?) as I was bankrupt a few years ago, think I've been discharged since 2005.. If I can though, I like the sound of the bank transfer idea..

Thanks again x

COOLTRIKERCHICK

Tia_Maria06 wrote: »

Aw, thanks for your replies, I was getting worried that no one would help me out lol.

I think I may have trouble with the banks (?) as I was bankrupt a few years ago, think I've been discharged since 2005.. If I can though, I like the sound of the bank transfer idea..

Thanks again x

if you dont mind the gamble then apply for a Halifax account on-line, its worth a go, the worst they will say is no, you are not applying for credit, or an overdraft on the account, so you might be suprised.

Interest rates are not good for savers at the moment, so you will not see any great return on your money from a saving point of view, so its allways worth looking at various boards to see if you can jump on a loophole etc to make the most of yuor money

are you a member of quidco?

Tia_Maria06

I think i am a member of quidco, but I havent used it in years.. I'm not a gambling kind of person, too scary for me!

COOLTRIKERCHICK

Tia_Maria06 wrote: »

I think i am a member of quidco, but I havent used it in years.. I'm not a gambling kind of person, too scary for me!

i am not a gambling person too, well in a betting sort of way...lol..

one of the things that i have done to make my money work for me is by using quidco, the cashback site.

www.quidco.com there is no referal bonus etc, so i am not gaining by putting the link here for you.


take a look at some of the bingo sites, as sometimes the cashback you get is more than the amount you need to deposit and play to get the cashback.

as an example. you may have to deposit and play £10 of your own money, but you get £15 cashback, so you have gained £5:rotfl:

the only gamble here is that it might not track ( luckily everything has tracked for me) plus you do have to wait a month or two before you get your cashback. but it is making your £500 work for you to get maximum return.

Tia_Maria06

Thanks corolrikerchick... It sounds like fun, i may have a look at that.. thankfully i dont like Bingo so I wont squander it all away playing lol