High interest but short term

kjp15

I have £62,000 to invest but only for a few months, where do I put it for highest interest?

adindas

kjp15 wrote: »

I have £62 to invest but only for a few months, where do I put it for highest interest?

I wonder if this is a serious posting or just a joke ???

Do you have any idea how much interest you will get with such tiny amount of money and short period ?? Even with highest interest paying saving account ...

Say you get the top paying instant access saving account paying 3% (if any exist) and you keep for of say 3 month. The interest you will get is around 46p. Is it worthy to spend your time to open and then close an account for such a tiny amount of interest ??

AndyT678

adindas wrote: »

I wonder if this is a serious posting or just a joke ???

Do you have any idea how much interest you will get with such tiny amount of money and short period ?? Even with highest interest paying saving account ...

Say you get the top paying instant access saving account paying 3% (if any exist) and you keep for of say 3 month. The interest you will get is around 46p. Is it worthy to spend your time to open and then close an account for such a tiny amount of interest ??

Now now be fair. I reckon it could be up to something like 75p in a 5% account like TSB.

masonic

Given that the OP wants to "invest" the money to get the "highest interest", I'd suggest looking to P2P investments. That could lead to a return of a few pounds over a few months, at some capital risk.

adindas

AndyT678 wrote: »

Now now be fair. I reckon it could be up to something like 75p in a 5% account like TSB.

I am fully aware about TSB as I have a couple of them.
But here I am talking about saving account not current account. TSB plus current AC require a credit checks as well as monthly funding if £500 is not it ??

Even it is 75p is it worthy to open a current account, and then will be credit checked and put find another £500 each month to be eligible for 5% interest which is only 75p anyway if it is 3 months ???

redmalc

Apply for an HSBC Premier account with that amount of money

nushnush

P2P probably moneything or saving stream @12% return, your money is at risk, £62 we all started somewhere. that would be £1.24 interest in 2 months assuming you manage to get it invested and it stays invested for the full 2 months

Malthusian

Given that the OP wants to "invest" the money to get the "highest interest", I'd suggest looking to P2P investments. That could lead to a return of a few pounds over a few months, at some capital risk.

But is the OP comfortable with the risk of losing all of that £62 if there are substantial defaults or platform failure?

masonic

adindas wrote: »

Which P2P pay 12% pa interest and for a short duration ?
I aready checked it with the Ratesetter, Zoopa none of them are paying higher than 5 %.

Ratesetter for instance here is just paying 2.8% if you do not want to tight it up to one year.
https://www.ratesetter.com/invest/everyday-account

Two examples of P2P platforms paying 12% where you can sell whenever you like on the secondary market are right there in nushnush's post that you quoted.

AnotherJoe

Just in case no one noticed, OP meant that to be 62 thousand and has updated initial posting (making the subsequent comments somewhat "eh"?)

adindas

masonic wrote: »

Two examples of P2P platforms paying 12% where you can sell whenever you like on the secondary market are right there in nushnush's post that you quoted.

I wonder why "Moneything" and "P2P" could offer such high interest while the well known peer to peer lending platforms such as "Zopa" and "Ratesetters" could only offer lower than 3%. Where is the hack ?? Are they UK companies and regulated ???