£6k to invest for 5 months

colsten

billy2shots said:

Flatulentoldgoat said:

Pretty much guaranteed to make money on Crypto right now. DOGE has just shot through the roof. Your 6k would now be 13k. Plenty of other coins (XRP, Tezo's) or just plain old Bitcoin. There's literally 0 chance you'll be worse off.

If there's 0 chance would you be willing to guarantee that?

I will give you some money and you will guarantee making me a profit. For your trouble I will pay you 25% of the profit. 

Obviously if the stock drops in value you still need to return my full stake.

I'll have some under those terms, too, and I am sure many others will as well. Go on then, @Flatulentoldgoat, you could get very rich very quick!

kuratowski

Hmmm, could be a tempting offer, but I think there might be some counterparty risk

eskbanker

Fortunately all such investments will be underwritten and guaranteed by the Flatulent Senior Caprinae Scheme....

Jopo1

The most you'll be able to earn in interest over 5 months is about £20. And the effort you'll need to go to to switch, set up direct debits, transfer money in and out every month etc is hardly worth it.

Just pay off the credit card now and have done. The weight of debt off your shoulders it's worth a lot more than the interest you'd earn.

As an aside.... You shouldn't have your emergency fund in the stock market. If your car dies and you can't get to work  without it, or your boiler gives up when it's -10 degrees and snowing, you have no control over the value of your funds on the day you need to pay for the new boiler or new car.  If the stock market is having a bad week when you have no choice but to cash in, you might not even get back as much as you paid in.

Your emergency fund should be instant access cash or premium bonds.

Jopo1

ZeroSum

Jopo1 said:

Just pay off the credit card now and have done. The weight of debt off your shoulders it's worth a lot more than the interest you'd earn.

Why? It's not real debt as such, its stoozed. There is no weight on their shoulders. The easy option is just keep as is, then pay off in 5 months. Result is a couple of quid a month of free money better off. 

That said, if the OP only has the one bank account, then it's be wise to open a couple of new ones anyway so might as well kill 1 birds with one stone, and get an extra couple of quid of free money for doing something you should be doing anyway 

Alexland

Jopo1 said:

The most you'll be able to earn in interest over 5 months is about £20. 

With a few Virgin Money 2% accounts it should be better but yes the OP could take up the MSE Santander offer and get a £20 voucher for doing a free balance transfer to a new 0% card to push it back 18 months.
I don't see the harm in stoozing if backed by cash savings and you are organised enough and happy to do the admin.
I agree with you the emergency money shouldn't be in S&S.

chamelion

Nexo or cdc will give you 8-12% apy on a 3 month. Use reddit for this, this board sticks to traditional finance. 

colsten

chamelion said:

Nexo or cdc will give you 8-12% apy on a 3 month. Use reddit for this, this board sticks to traditional finance. 

Presumably this is another totally risk-free scheme, this time guaranteed by @chamelion ? 

Anyone know what apy is?

MDMD

colsten said:

chamelion said:

Nexo or cdc will give you 8-12% apy on a 3 month. Use reddit for this, this board sticks to traditional finance. 

Presumably this is another totally risk-free scheme, this time guaranteed by @chamelion ? 

Anyone know what apy is?

Annual Percentage Yield - a US equivalent of AER. E.g. from the Marcus US site

https://www.marcus.com/us/en/resources/build-your-savings/what-is-apy

13Kent

Thank you for your replies, I will consider your answers.