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

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  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
    edited 3 January 2018 at 2:10AM
    recci wrote: »
    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.

    You only have £1000. How much do you realistically think anyone is going to give you for that?

    Why are you worried about the account being capped for interest payments at balances of £2500? You only have £1000, you are miles away from the higher figure.

    £50 might not seem like a lot, but you are getting it for doing nothing and all of your money is safe. What do you mean it doesn't seem worthwhile? It will take you 10 minutes at most to open the account, so that is a payment of £300 per hour!

    The Nationwide account doesn't revert to 0.25% it is reduced to 1% after 12 months, i.e. four times the figure you stated. You can also switch it to another bank, probably for a swithcing bonus. If you had put the money in a Nationwide account 12 months ago then you would have earned £50 in that account and then been able to switch it now for up to £150 with HSBC, so if you like, your effective return would be £200, which is 20%! Is that any better for you?
    recci wrote: »
    What do people with large amounts of savings do with it?

    Other things.

    You haven't got large amounts of savings so it isn't really worth worrying about. Nobody is going to give you some incredible rate on a £1000 deposit.
  • marco_79
    marco_79 Posts: 237 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Depends on how long you want to leave the money invested.


    If it is less than 4-5 years then the Nationwide account is the best option for now.


    If you are willing to leave it in an investment then I would go for Vanguard Life Strategy 80 or VLS80. You have a better chance of a decent return although it does come with investment risk. I would also add to it every month if you can.


    I take it you are unsecured debt free?
    Smile and be happy, things can usually get worse!
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