Investing £32,000

polomint_2

My £32,000 bond is about to mature in November 2007 and i was hoping for some advice on where to put it. I had a woolwich fixed bond account for it up till now but with all the intrest hikes i have lost out big time.

I have used up my mini isa allowence and i have no debts to pay off the max i can tie it up for is prob 6mths..

I dont want any risk but i would like to earn some good intrest though i am a tax payer.

I have an ing account already the web based one paying AER 5.75% at the moment and was thinking of sticking it in there .

Can anyone come up with any better ideas?

Many thanx in advance

dunstonh

You say you want to invest but you only mention savings options. Which is to be; invest or save?

chesky369

Don't add it to any existing savings account, since it's very near the £35k guaranteed figure. What about maxi ISAs? Or ICEsave savings account? ING is rubbish anyway.

polomint_2

chesky369 wrote: »

Don't add it to any existing savings account, since it's very near the £35k guaranteed figure. What about maxi ISAs? Or ICEsave savings account? ING is rubbish anyway.

Can you explain why you say ing is rubbish please?

Ill have a look at ICEsave. £35,000 guarenteed figure? Meaning garunteed by the government?

chesky369

ING has treated its customers appallingly over the past couple of years - not only by NOT putting up its interest rates when the bank rate has been increased (on at least two occasions, maybe more) - but also, adding insult to injury, sending out smug e-mails, telling them how lucky they are to be saving with them. It's been many a long month since ING featured in any 'best buy' list of accounts.

chesky369

PS £35k guaranteed by the FSA; it was yesterday's front'page news.

polomint_2

chesky369 wrote: »

PS £35k guaranteed by the FSA; it was yesterday's front'page news.

I only read the paper when i am at work..:rotfl: and today and yesterday are my days off.

Yep i can see what you are saying RE:ing i have only a couple of hundred in there at the moment so not making to much of a diffrence to my savings plan.

isofa

Yep, but unless you are a very jittery type, who dare not go outside in case of being hit by a bus, I'm sure you'll be ok going over the 35K limit like most people with a rational mind. Remember no bank/building society for personal savers has collapsed for 117 years. I'd rather stash my cash where the best rates apply, and some accounts have tired interest levels, so pay a little more interest when the balance figure increases.

chesky369

But if everyone kept their ears and eyes open and kept each individual savings account to the £35k limit, then there'd be less need for panic like the northern rock debacle. If all their savers had KNOWN their money was safe, they wouldn't have thought it necessary to queue for hours to get it out.

isofa

Quite, but their savings were safe, there was very little doubt of that. The media frenzy caused panic and the run on the bank, which made the situation worse, this has been covered in great detail on the NR threads.

Surely it would be better for the FSA to have raised the "protection" limit to 100K, as many of us thought they would.

OK for an example, say a well established bank offered 6.1% interest for £1 to 40K, but 7% if you invested 41K to 100K and you had a fair bit of cash to put away (say 50K+), are you saying you wouldn't go for the higher rate because of the minuscule risk they might collapse?

Each to their own I guess, but I think people are now in a bizarre panic mindset. Money is 99% safe in banks/BS, and nothing has happened to disprove this.

polomint_2

shouldnt the above be on another thread and not mine asking for help????