Best Way To Invest £23,000

Chintan

Hi, i'm new to the boards and was wondering if anyone could give me some advice the best way to invest £23,000 . I looking to put it in a fixed rate saving account for 1/2 years or longer as i dont need to money any time soon?

Whats the best interest rate i can get? Shall i put it in a fixed rate saving account or a regular saving account for the best interest rate?

Any help will be much appreciated

Jonbvn

Suggest the first 3k should go into an ISA. Look at index linked saving certs for the remainder, which are tax-free. If your are not a tax-payer, then have a look at the best savings account, with a form R85.

1/2 years is far too short for stocks and shares.

Chintan

I thinking of put it in the BMW Performance Bond at 6.70% for one year, is there anything better than this that anyone knows of or is the best rate i can get?

isofa

I still think the BMW bond is one of the best, and it's 1-year rather than a longer period.

Skint_Badger!

Im looking at the BMW Performance Bond but as im new to this i have some questions.

The interest rate is 6.7% for a year and they guarantee 100% capital return. So does this mean that the interest rate could go higher than the 6.7% but never below it, or is it just fixed?

dunstonh

You have had some savings options mentioned. Are these the sort of things you meant when you said investments or are you also considering investments?

Chintan

I really after any advice if you could help, just keeping as many options as possible!

dunstonh

There are tens of thousands of investment options available. That is why we need to narrow down a bit.

A lot of time on posts like this people say invest when they really mean save. You mentioned invest but the responses havent been investments but savings.

So, before we start talking about things like stocks and share ISAs, MAXI ISAs, unit trusts, investments trusts, investment bonds etc lets see if we can narrow it down.

do you mean investing or saving?
Timescale will have a lot to do with it. Accessibility wont because many modern investments are easily accessible. Risk profile and tax position both now and future can impact. For example, a 59 year old could have very different investment options to consider compared to a 60 year old.

Skint_Badger!

Skint_Badger! wrote: »

Im looking at the BMW Performance Bond but as im new to this i have some questions.

The interest rate is 6.7% for a year and they guarantee 100% capital return. So does this mean that the interest rate could go higher than the 6.7% but never below it, or is it just fixed?

Hello... anyone?

isofa

Skint_Badger! wrote: »

The interest rate is 6.7% for a year and they guarantee 100% capital return. So does this mean that the interest rate could go higher than the 6.7% but never below it, or is it just fixed?

The rate is fixed, it can't go lower, nor higher - hence fixed

On their site it says, "From the outset, we'll give you a fixed interest rate until 05 September 2008 and a 100% capital guarantee". It is risk free, it's not invested in the stock market, it's a cash bond. Your initial investment and the interest is a guaranteed return, from their website the full details are:


The Guaranteed BMW Performance Bond gives you all the rewards and security of BMW performance - meaning a guarantee of healthy returns on your investment.
How can you be sure of good returns on your money? It's quite simple. You invest anything between £100 and £50,000 in the Guaranteed BMW Performance Bond, and leave it to grow.
From the outset, we'll give you a fixed interest rate until 05 September 2008 and a 100% capital guarantee. So you know exactly what you'll get back at the end of the term.

Hope that helps!

Skint_Badger!

Thank you..