Savings/Investment Advice

saving_novice_3

I do not have much knowledge with regard to savings and investments and was wondering if anyone can supply me with some good advice.

I currently have approx:
£7000 - Mini cash Isa Derbyshire(I should have my £3000 cash allowance ready by March for next year)
£50,000 in a savings account earning about 4.75% interest with the Halifax BS - (taxable of course)
I have recently appled for a regular saver with ICICI as well as the above, that I will use for my 2008 ISA allowance.
I earn about £40K a year.
I am averse to high risk, as I want this money to purchase a house eventually, and I do not want to tie my money in for longer than 1-2 years in any investments.

Mainly I want my money to keep up - or exceed the housing market if at all possible, so basically maximum growth.
I am 33 years old.

Does anyone have any suggestions as to the best way for me to invest this money ?

tom188

In that time frame you should only look at savings accounts probably.

Mainly I want my money to keep up - or exceed the housing market if at all possible, so basically maximum growth.

Well no one knows what the market will do, it could go up by 20%, it could fall by 20% in the next year, it may do nothing. Therefore you cant base your objectives on that. I am aware of one fixed term property bond, with newcastle bs that tracks the Halifax house price index, but thats before tax and has a five year term, and dont think really is suitable.

Your best bet is to try and look for accounts that provide maximum gain over inflation.
Read the savings articles on this site eg "Savings fountain".
Visit https://www.moneyfacts.co.uk and https://www.moneysupermarket.com and look at the top payers.
Come back with your questions.

StevieJ

I presume you are a higher rate tax payer, I think NS&I savings certificates are worth a look, you can buy up to 30k ( 15k3yrs and 15k 5yrs). The certs are RPI + 1%+ tax free, you need to keep for 12months at least to earn any interest but if you cash them in after one year you still receive interest of RPI a 0.7 = 5.1 current or RPI + 0.9 = 5.3 current TAX FREE.
Check out the terms and conditions. the NS&I cash ISA is pretty good as well.

http://www.nsandi.com/products/ilsc/index.jsp