19 years old and have 20,000 to invest

locko

Hello, I am looking for a little advice. I am 19 years old and have £20,000 to invest. What would you recommend as the best thing to invest in, that will give me the best return?
I have been looking at premium bonds and ISA's. I want to invest in something which i know is safe and my investment will not be at risk. Any advice or suggestions are much appreciated.

Thanks

justme111

Familiarise yourself with terminology. "Invest"=risk. No risk=save. Bank accounts (nationwide £2500 at 5%, BoS 3 accounts of £5000 each at 3% , TSB account £1500 at 3%. Sorted.

xylophone

Bank accounts (nationwide £2500 at 5%, BoS 3 accounts of £5000 each at 3% , TSB account £1500 at 3%. Sorted.

If he is accepted for the accounts.......and he needs 2 DDs for each BOS ( though this can be sorted out by using savings accounts which permit "pulling" by DD from the current accounts).

Otherwise the OP can look here..

http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

TheTracker

I'd invest in my career, education, life experience (i.e. Fun), putting some away for rainy days and an eventual mortgage deposit. I wouldn't go near the stock market.

ISAs are merely tax wrappers, not investments.

Premium bonds are low risk low return gambles.

fabsaver

Assuming you want to buy a property at some point in the future, then the 25% bonus on Help to Buy ISAs and Lifetime ISAs should not be ignored. Have a read of the relevant pages in this site:
http://www.moneysavingexpert.com/savings/help-to-buy-ISA
http://www.moneysavingexpert.com/savings/lifetime-ISAs?

Act quick and you can open a Help to Buy ISA before 5th April 2017. It can then be transferred into a Lifetime ISA when they become available.

jimjames

TheTracker wrote: »

I wouldn't go near the stock market.

Although part of that money in a pension would be a tidy sum when it comes to retirement. Starting early does still pay off with compounding.

jdw2000

TheTracker wrote: »

I'd invest in my career, education, life experience (i.e. Fun), putting some away for rainy days and an eventual mortgage deposit. I wouldn't go near the stock market.

ISAs are merely tax wrappers, not investments.

Premium bonds are low risk low return gambles.

Good luck with your pension!