best thing to do with 50K

sikas

over the past few years ive been a fairly successful poker player, and ive just been saving and saving, the plan is to buy a house, but im some way still off that yet (i cant get a mortgage so i have to buy one outright) so basically i got a bunch on money sitting in my savings account at barclays doing naff all earning me a pittance. At the moment i can in theory invest 50k odd and leave myself enough liquidity for my poker bankroll, thing is what to do with it, i wanna make my money work for me now. My knowledge of investing is super limited, ive never traded, only ever had 1x current account, never had an ISA (and tbh honest 1.55% seems like a waste of time)

yesterday i opended a fundingcircle account with a cheeky few bags in, projected 6% ROI after bad investments etc... seems ok (still not entirely sure what timescale these returns are on), what else should i be looking at? any advice or what you might do in a similar situation would be greatly appreciated.

Thanks,

Cristo

Archi_Bald

"investing" is generally something that requires a 5-7+ years timescale. Anything below that is more like saving. You can get 3, 5 and 5% AER in current accounts, and 6% in a couple of Regular Saver accounts.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

https://forums.moneysavingexpert.com/discussion/comment/6932895#Comment_6932895

It's possible to get a bit over £50K into these accounts if you get accepted for them.

sikas

yeah thats just it tho, IF i get accepted, so yeah i have to open multiple bank accounts, most are like capped at like 2-3k for 2%, so that like 15-20 bank accounts then i have to set up direct debits....meh cant be ar**d with the paperwork , besides i doubt i could tell them where ive lived the past 6 years etc....

no option just to dump 50k somewhere n get 6-8%? seems i could do it via peer-2-peer lending but after other suggestions

sorry if sound a bit sour, but thank you for your answer :-)

Cristo

Archi_Bald

You clearly can't even be ar**d with researching the links I provided you with, as if you could have been, you would have easily found out that you don't need 15-20 accounts.

I am out.

sikas

sorry to get your back up, i do appreciate your help

but ive been through it all again, not sure what type of account-thing i supposed to be looking for, as i said im a complete noob, maybe i just dont understand the jargon

ossie48

Archi Bald and a few others helped me with a similar issue however I can fully understand his response to you.

No one will do it for you, you simply need to sit down and 'be arsed' or lose out.

I get 5% on £8k with TSB (I could open 2 more accounts and get more)
4% on 10K at Lloyds
5% on 7.5K at N'wide
Ive got £50K in Santander 123's earning 3%

Some of these are joint accounts and although it was a pain at times it was a relatively quick fix until I start researching investments.

Knuckle down and give it a go.

In_For_A_Penny_2

sikas wrote: »

meh cant be ar**d with the paperwork

They have the internet nowadays. No paperwork required.

Ryan_Futuristics

My friend Liv's made a killing in poker - I'm often tempted to give it a go

I'm with you on the hassle of savings accounts (although if I can get an easy 5% on £8k at TSB it sounds worth the effort ... just whenever I look into it it always seems like a lot of bother and constraints for relatively limited upside)

Well personally I'm holding quite a bit in cash (at Barclays), I've got about 10% of my money in P2P lending (Funding Circle, paying 7.2% before tax, but with unknown risks - as it's a new asset tech), and I'm gradually adding to my stocks & shares fund portfolio ... I'm aiming to be between 25 and 50% stocks and shares on the whole

Favourite funds: Woodford UK Equity Income, Murray International, Newton Asian Income (all pay around or over 4%/year into your bank, all can be held in an S&S ISA, plus they've all got the potential for quite a bit of capital growth, but also dips ... Patience and non-intervention are your best weapons - may be a bit of a shift from playing poker, but I'm sure you'll be better positioned to understand the fundamentals than most)

And I also like Lazard Emerging Markets, Sanditon European and Neptune European Opportunities for some smaller holdings in cheap regions with good long-term potential ... But that's just me ... If you want to get a bit analytical with investing, search "Global CAPE ratios" - for me, investing without looking at valuations is probably like playing poker without looking at your cards

agent69

sikas wrote: »

yeah thats just it tho, IF i get accepted,

If you can't get accepted for a bank account, what makes you think that P2P platforms would want you?

jimjames

Ryan_Futuristics wrote: »

Favourite funds: Woodford UK Equity Income, Murray International, Newton Asian Income (all pay around or over 4%/year into your bank, all can be held in an S&S ISA, plus they've all got the potential for quite a bit of capital growth, but also dips ..

I'm puzzled by this. Surely the idea for long term S&S investments is to compound the returns not to take the income out?

I'm obviously some way up the risk scale with 95% equity investment but with 25 years till retirement I couldn't see the point holding bonds for a lower return.

I do have the high interest current accounts though and for the minimal effort it's worth it for me anyway.

sikas wrote: »

no option just to dump 50k somewhere n get 6-8%? seems i could do it via peer-2-peer lending but after other suggestions

sorry if sound a bit sour, but thank you for your answer :-)

Cristo

If you're prepared for the risks with poker surely you'd consider the risks with S&S investments to be worthwhile? You don't need to put all your money in, could get £15k in now and another £15k in April. Plenty of choice of options depending on the risk level you want especially if no plans to buy a house at the moment so no immediate need for the money.

sikas

thanks for the replies guys

this TSB account, it says ur capped at 2k... "If you’ve more than £2,000, you don’t get interest on anything above, so find another savings account for the extra, or check other bank accounts, such as Santander above." .... so how do you get 8k in there?

i think im gonna invest some serious time into learning some sort of stock trading - apparently the skillset required is similar to poker, im fairly blas! as regard to risk, but id prefer it to be calculated and based the merits of my own research/knowledge....and an S&S ISA seems like im just giving some fund manager 15k to punt about with (prob thinking of this a bit crudely+naieve)...it also seems theres a bunch of charges aswell