If you had only £1000 spare to invest what would you do?

recci

capital0ne wrote: »

When I started with ISA's I made £80 tax free that year - all my mates laughed at me!

Now a few years on that £80 tax free - £15,000+ tax free

Moral is just pick an investment strategy and stick to it

My suggestion (advice not allowed on MSE) is buy £1000 of CTY (City of London Investment Trust) in an ISA on say iWeb or X-O to keep costs down.

Ignore all the carping and disparaging suggestions, MSE seems full of it now, and good luck

And one good thing, you won't get robbed by an IFA - you don't have enough dosh to make it worthwhile :beer:

So you have made £15000 in total or 15000 last year?

ricky_v

As others have said put it in a Nationwide flex direct account for 5%, or if you have a First Direct, HSBC or M&S account then use their 5% reg saver.

If the £1000 is all you have then keep it in a nice and safe FSCS backed account and use in an emergency as it's better than borrowing. Continue to build up the savings until it's sufficient to cover emergencies/several months expenses. Once you've achieved that.....

Then look at your pension contribution and add to that if required, once happy with that....

Then look at investing in stocks/shares in a ISA wrapper. Once you're happy with your investment portfolio.....

Then look at cryptocurrencies/roulette table.

recci

Anybody have any experience in the peer to peer lending sites?

DennisTenus

recci wrote: »

Anybody have any experience in the peer to peer lending sites?

I was wondering about giving one a try but it's still unregulated I think?

DennisTenus

penguineater wrote: »

Honestly I'd read up on crypto coins if I were you. There is so much profit being made although it's a bit of a gamble, lessened risk by doing research.


An example, I put £180 in raiblocks last week, now it's worth £580. I can cash it out right now and walk away with £400 profit, but instead I'll take out the original £180 and place it into other coins I think will increase in value.

OR something that is guaranteed, matched betting if you have not done it yet. There is an MSE subforum for it.

What site(s) do you use to purchase coins etc?

bowlhead99

recci wrote: »

Anybody have any experience in the peer to peer lending sites?

It would take hours to write you a thesis on all the pros and cons of each of them.

However, you don't need any experience of them at all to deterimine that none of them will give you 5%+ without taking a range of investment risks and locking your money away, while Nationwide will give you 5% with instant access and the cash deposited is fully FSCS protected, making it the optimum choice of 'decent reward without risk'.

Bravepants

penguineater wrote: »

Honestly I'd read up on crypto coins if I were you. There is so much profit being made although it's a bit of a gamble, lessened risk by doing research.


An example, I put £180 in raiblocks last week, now it's worth £580. I can cash it out right now and walk away with £400 profit, but instead I'll take out the original £180 and place it into other coins I think will increase in value.




OR something that is guaranteed, matched betting if you have not done it yet. There is an MSE subforum for it.

If someone is so concerned about investing £1000, he obviously does not have that much money to GAMBLE on such b*llocks!

Berk!

To the OP, stick it in a Nationwide Flexdirect account at 5%!

ValiantSon

bowlhead99 wrote: »

It would take hours to write you a thesis on all the pros and cons of each of them.

However, you don't need any experience of them at all to deterimine that none of them will give you 5%+ without taking a range of investment risks and locking your money away, while Nationwide will give you 5% with instant access and the cash deposited is fully FSCS protected, making it the optimum choice of 'decent reward without risk'.

Agreed.

You have £1000 which is not a huge amount, but will feel like it if you lose it. Stick it in a Nationwide FlexDirect account and earn £50 over the next twelve months for doing absolutely nothing and having FSCS protection. This is a no-brainer.

P2P is a risk and if you only have £1000 it is probably a risk you cannot afford to take.

TheShape

recci wrote: »

Anybody have any experience in the peer to peer lending sites?

Yes, a fair bit of experience but an account with 5% interest and FSCS protection would be my preferred option.

recci

Yeah but I could potentially start saving a lot more I just never have. It would sting if I lost 1k but would not really affect me its just i have 1k left lying around from matched betting. I am now banned from all the bookies etc... I dont want to gamble the money but £50 for a year seems hardly worth while. Then the accounts revert to 0.25% and they limit you to a maximum of 2.5k. It all just seems like !!!!!!!!! Your hardly making anything! So really when I say i dont want to take risks i mean I dont want to openly gamble the money.

What do people with large amounts of savings do with it?