Savings 31 October 2014 at 5:39PM in Savings & investments 2 replies 644 views

Biltrac

Hi,

I have savings of around £30000 in a foreign bank earning 5% per annum. I want to move this money as the country in question is starting to worry me. My question is what and where can I place it to get at least the same interest or better. I don't mind risk but not high risk. I would like it to be worth around £50000 in 3-4 years time.

Thanks for your help in anticipation.

sorcerer

Your not going to make that kind of money in the UK unless you take pretty high risk, and even then no guarantees. So in a UK bank account, you will get about 1 to 2% depending on what you do. 3-4 year is too short a time to invest the money which is the only way you could get to your 50,000. But you could also turn your 30,000 into 10,000 in 3-4 years.

SW17

Biltrac wrote: »

Hi,

I have savings of around £30000 in a foreign bank earning 5% per annum. I want to move this money as the country in question is starting to worry me. My question is what and where can I place it to get at least the same interest or better. I don't mind risk but not high risk. I would like it to be worth around £50000 in 3-4 years time.

Would endorse Sorcerer's comments, but also your numbers don't add up. To get to £50k in 4 years would require almost 15% return each year, compounded. You are currently getting 5% in return for risk and looking for lower risk, so why would you expect triple the return?