Investing £50000

Zoe.nash

Hi I have the above amount and would like to invest it my know that my money is protected. Globality contacted me and advised to invest with Old Mutual and stated in terms and conditions that £50000 is protected by FSCS, the interest is 6.95%. I have never had any experience in investing before and do not want to risk loosing my money, does anyone know about Globality? Any advice would be greatful

AnotherJoe

It's either not protected or it's a scam Most likely the latter. How did "globality" contact you? How did they get your details ?

Zoe.nash

They phoned me after I was googling where to invest money, I have checked the FSCS register and they are there. The reference number is 499918

Shashy

Ok - slow down there cowboy.

When you signed up and gave your phone number to one of the sites that popped up on your Google search, you most likely put yourself on a list of people to be targeted for less-than-perfect 'investment opportunities'.

It's important you ignore the inevitable raft of cold calls you'll receive over the next few weeks.

This forum/website is a good place to start to learn more about saving and investing (and the difference).

What are your circumstances? What are you hoping to use the money for?

UncleK

............very light site, no mention of them being based in Luxembourg. Agree with the others - if it sounds too good to be true - then it certainly is.
Cheers
KL

Zoe.nash

We are selling a house that we rented out and will have a lump sum but don’t know what to do with the money, we was going to pay some off our mortgage and put some where it would be safe but earn decent interest. Is there anyway I can attach the email from Globality? Thanks for the advice

ColdIron

Can you provide a link to the FSCS register for Globality, I can see nothing for them or that reference. As a new user you can't post links but if you remove the https:// bit people will be able to work it out

Ceme3000

I would suggest you speak to an IFA (preferably a good local one). Yes, you will have to pay fees but an IFA will analyse where best to invest your money based on the risk you are prepared to take. As you say that you don't want to risk losing money then perhaps savings are more appropriate to you than investing? If however you are happy to tie up the money for a few years and ride the inevitable ups and downs then go for investing. Perhaps consider some in savings and some in investments?

If you are determined to self invest then stay mainstream with a trusted provider like Hargreaves Lansdown or similar and do your research first.

Either way if someone promises you a return of 6.95% then it will either be a con or come with huge risks. Personally i would never listen to a cold caller. Please be careful.

Good luck.

xylophone

it would be safe but earn decent interest.

If by safe you mean no capital loss then you are looking at a savings account rather than any form of investment.


https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

I'm afraid that "decent interest" (do you mean in excess of inflation?) is barely possible except on certain limited amount regular savers/bank current accounts.

Zoe.nash

Thank you all so much, I was convinced it was a safe bet, it was a fixed rate bond, maybe a IFA would be a good idea. Have any of you heard of Old Mutual?

Zoe.nash

register.fca.org.uk