Need to tie up 20k

Gareth1979

Won £20,000 due to quite a bad gambling habit. Want to put it somewhere where I dont have instant access to it (1-3 months maybe) where its safe and pays decent interest.
Wheres best for it? As Im assuming backing England in the cricket may not be the safest option

xylophone

quite a bad gambling habit.

Kick the habit?

Put the £20,000 in a fixed rate bond with no access for at least a year to help you to avoid falling back into the bad old ways?

ColdIron

1 - 3 months won't keep it safe for long. What about your pension if you can afford to put it out of reach? Then it's safe until you are 55 and HMRC could rebate you £5,000 to £13,333

diamonds

Gareth1979 wrote: »

Won £20,000 due to quite a bad gambling habit. Want to put it somewhere where I dont have instant access to it (1-3 months maybe) where its safe and pays decent interest.
Wheres best for it? As Im assuming backing England in the cricket may not be the safest option

Well done on your win and admitting yourself you do have "quite a bad gambling habit"


Seek help on the gambling issue



I'm sure someone will be along soon with a 3 month lock in savings option while you get help.


Congrats again

planteria

agreed, locking away for longer, as above, seems wise to me. perhaps in a property, if you can persuade yourself not to borrow against it and gamble on the 3:15:think:

Flobberchops

You say you're a gambling man... why not put it into P2P loans? You can lock it away for up to several years, earn good interest, and it may even help scratch the gambling itch too.

Disclaimer: there's a slim chance you could lose the lot. Make sure you diversify.

Gareth1979

Flobberchops wrote: »

You say you're a gambling man... why not put it into P2P loans? You can lock it away for up to several years, earn good interest, and it may even help scratch the gambling itch too.

Disclaimer: there's a slim chance you could lose the lot. Make sure you diversify.

How safe is p2p lending. Googled it and got this https://savingstream.co.uk/how-it-works
They seem to be claiming I cant really lose. Or at least its extremely unlikely.

planteria

i'm not into P2P, but done well it is a better use of 20k than pure gambling i'd have thought. whatever you do, good luck.

Flobberchops

Gareth1979 wrote: »

How safe is p2p lending. Googled it and got this https://savingstream.co.uk/how-it-works
They seem to be claiming I cant really lose. Or at least its extremely unlikely.

Take claims with a pinch of salt and instead look at past performance (not an indicator of future performance, yada yada) and also what their policy is in terms of securing loans and handling defaults. If you're investing more than a couple of thousand use more than one platform, and within a platform spread your cash between a number of loans.

There are some P2P platforms out there that have yet to lose a penny of investor money (they've made losses themselves but avoided passing on the loss to investors) - I call that a pretty safe bet. Diversify and even with the occasional bad debt you can expect to be making a better profit than holding cash, and unlike stocks and shares it's always an upwards trajectory rather than your money taking dips through no fault of your own.