Invest £70000?

vvmt

I have £70000 in a Santander Esaver, I currently earn £114 a month interest.

I currently rent, this money will be a deposit on a house or flat.
Investment or savings has to be no risk and easy access.

Is this the best thing to do with £70000.

JoeCrystal

Then, you should not be investing in the first place! I can only conclude that the best place for your savings is to find instant account that pay the highest interest.

Cheers,
Joe

Alex92_2

What the above guy said.

Investments will never be 0% risk. There will always be some sort of risk.

If it was me and I wanted zero risk, i'd put the max into santander 123 account (3% interest on upto, 22k i believe?)

Dump £15K into 3 separate lloyds tsb classic vantage accounts, each generating 3%.

Dump another £15K into Bank of Scotland into 3 separate accounts generating 3% each.

Then fill up an ISA for this year (if you havent already), then come April, transfer another £5,640. This will give you £11280 and will probably be +3.5% but tax free.

Brings total to £63,280.

Would then find somewhere else to store the remaining 6,720 or better yet, invest it if you wanted to take a slight risk.

Anyway, all this will give you roughly £158.20 a month. Not really a great difference to what you have at the moment, but better than nothing. It's not a good time to be a saver, and if you take into account inflation, you actually end up losing money. Personally, id just buy a property now.

somethingcorporate

Alex92 wrote: »

Anyway, all this will give you roughly £158.20 a month. Not really a great difference to what you have at the moment, but better than nothing.

I think a 50% increase in return is great for just shuffling some cash around.

It's a good plan so thanks for taking the time to put the effort in for the op. :T

Alex92_2

somethingcorporate wrote: »

I think a 50% increase in return is great for just shuffling some cash around.

It's a good plan so thanks for taking the time to put the effort in for the op. :T

It makes it a much better community if everyone helps everyone out, instead of posting helpless things like "use Google".
I'm only recycling information I gathered from what I plan to do with my money.

To some people though, for the sake of 50% they may rather have all their money in one bank account, as it's quicker to log in and just look at it all, instead of logging onto 3-4 different banks and having to remember all the passwords etc.

somethingcorporate

Alex92 wrote: »

It makes it a much better community if everyone helps everyone out, instead of posting helpless things like "use Google".
I'm only recycling information I gathered from what I plan to do with my money.

To some people though, for the sake of 50% they may rather have all their money in one bank account, as it's quicker to log in and just look at it all, instead of logging onto 3-4 different banks and having to remember all the passwords etc.

Indeed, each to their own.

You've given the OP lots of useful information though, even if it is "recycled"

pbouk

Alex92 wrote: »

What the above guy said.

Investments will never be 0% risk. There will always be some sort of risk.

If it was me and I wanted zero risk, i'd put the max into santander 123 account (3% interest on upto, 22k i believe?)

Dump £15K into 3 separate lloyds tsb classic vantage accounts, each generating 3%.

Dump another £15K into Bank of Scotland into 3 separate accounts generating 3% each.

Then fill up an ISA for this year (if you havent already), then come April, transfer another £5,640. This will give you £11280 and will probably be +3.5% but tax free.

Brings total to £63,280.

Would then find somewhere else to store the remaining 6,720 or better yet, invest it if you wanted to take a slight risk.

Anyway, all this will give you roughly £158.20 a month. Not really a great difference to what you have at the moment, but better than nothing. It's not a good time to be a saver, and if you take into account inflation, you actually end up losing money. Personally, id just buy a property now.

are these accounts still open to new customers and with the same interest rates?

Alex92_2

pbouk wrote: »

are these accounts still open to new customers and with the same interest rates?

Yep. They are all current. If you're interested i'd jump onto them as soon as possible.

innovate

Alex92 wrote: »

Yep. They are all current. If you're interested i'd jump onto them as soon as possible.

But all these interest rates are variable.

pbouk

Alex92 wrote: »

Yep. They are all current. If you're interested i'd jump onto them as soon as possible.

i will take a look at them.
how come they dont show up on the "top savings account" table on this site? unless i have missed them completely.

atush

because mostly they aren't savings, but special current accts?