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I have £1000 to invest just for 31 months...

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Comments

  • 18cc
    18cc Posts: 2,120 Forumite
    edited 12 July 2018 at 4:45PM
    The return on 'saving' £1000 for 31 months will be minimal (£1.30 a year in an instant access account paying 1.3%, a bit more if put in a fixed rate savings account). Forego a coffee out every year and you are cover it.

    I would just pay off the card and worry about something more worth your time! Just my opinion....
  • mije1983
    mije1983 Posts: 3,665 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Name Dropper
    18cc wrote: »
    The return on 'saving' £1000 for 31 months will be minimal (£1.30 a year in an instant access account paying 1.3%,


    I think you missed a '0' off on your calculation. As you say, still not ground breaking though, and probably not worth putting in a massive effort.
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    Also your credit history may take a hit as it will look like you are struggling to pay of your credit card, and only pay the minimum each month.
  • 18cc
    18cc Posts: 2,120 Forumite
    Yes sorry I obviously have to get my slide rule replaced!
  • Robin9
    Robin9 Posts: 13,088 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hardly worth the effort of saving for £13 - go for Premium Bonds you might get £25 or a million but will get £1000 back.
    Never pay on an estimated bill. Always read and understand your bill
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