£6k where to invest

beleva

Hi ive inherited £6k and would like to find out where best to invest. I nearly put it into Blackmore Bonds but thank god checked here first ....I am happy with with a bit of risk but not possibly losing it all. Any advice is welcome.

Alexland

Have you had a Nationwide 5% for up to £2.5k Flex Direct account and associated 5% for up to £250 per month regular saver? Do you have a partner who could also open these accounts? You are also allowed a joint Flex Direct account.

Giving the money to charity would probably be better and less stressed than mini bonds.

beleva

That a good rate so its capped at 2.5k? I didnt really want to open another account, are you talking about an isa and bank account or are they one product? Also if they are can you pay the £250 in each month?

Alexland

Flex Direct is a current account with 5% for up to £2.5k and the regular saver is a savings account. Nationwide also run a £100 each introduce a friend switching bonus. If you have a partner or friend you can refer each other to switch for £400.

https://www.nationwide.co.uk/products/current-accounts/flexdirect/features-and-benefits

https://www.nationwide.co.uk/products/savings/flex-regular-online-saver/features-and-benefits

Alex

beleva

Ok thanks ill have a look now

bostonerimus

With 6k I'd open an ISA and invest in a VLS fund, but before you do that pay off any debt you have and make sure you have 6 months spending in cash in your bank account.

Alexland

If the OP wants low risk I doubt that VLS40 etc would beat the best buy cash savings options.

Still we don't know the OPs objectives and a HTB ISA, LISA or additional pension contributions may be better.

Alex

beleva

Hi sorry to sound stupid but what is a VLS isa?

Alexland

Sorry, Vanguard LifeStrategy is a stocks & shares fund series which you could get in a Vanguard Investor ISA.

beleva

Dont need low risk per say but do want some fail safe unlike Blackmore. Also happy to lock in for 3 years

Alexland

3 years is still too short for S&S investments as the risk of finishing with a loss is unacceptably high. You would really need to commit to not needing the money for 5+ preferably 7+ years.