80k to invest

furby-2003

thank you everyone, i have minimal experience of savings as i came into the money. i would have been asking for debt advice a few years ago. thats why i must seem pretty clueless! :-)

jimjames

furby-2003 wrote: »

so far ive got £125 in the last 4 months so it seemed pretty good compared to most things thats why i considered the extra £10k

I got £150 just for opening an account with Clydesdale.

I get £60 per year for paying money into Halifax.

£125 on £40k is nothing to write home about.

jimjames

MarkBargain wrote: »

I see the point you are making, but one bought an investment fund now and sold the units a year later wouldn't that be an investment, albeit a short term one with some risk of losing money?

Absolutely. But in terms of risk it's right up there as you may well not have the same amount of money in 12 months time. If that's important then no risk savings accounts are the only option.

masonic

MarkBargain wrote: »

I see the point you are making, but one bought an investment fund now and sold the units a year later wouldn't that be an investment, albeit a short term one with some risk of losing money?

Not really, investment involves having an objective and choosing an investment that can reasonably by expected to meet that objective. Without those things it would be better described as gambling on the stock market.

xylophone

by the way, its currently sitting an ns&i direct saver. I pay no tax but i can't seem to figure out how you declare it with a nsandi account

https://www.gov.uk/government/organisations/hm-revenue-customs/contact/income-tax-enquiries-for-individuals-pensioners-and-employees

You dont pay tax on NSI?

The interest is paid gross but is taxable -

http://www.nsandi.com/files/published_files/asset/pdf/direct-saver-brochure.pdf

"What about tax?
Although the interest is taxable,
we pay it gross – this means we don’t
take off any tax when we add the
interest to your account. If you’re a
taxpayer, you will need to declare your
interest to HM Revenue & Customs
and pay any tax due."

furby-2003

im a non tax payer as i earn way under the tax theshold.

I called then yesterday and they explained what you said. I had no idea as i just opened the account assuming it was like any other.