3000 quid?

s.gerrard

hi have 3000 pounds to invest but i dont know what to do with it?!

should i just put it in a savings account? or go for ISA etc?

i dont mind risking it, if anybody has any suggestions?

otherwise i dont mind putting it into a saving account (but which one?! i dont need to access it that quick maybe 30-60 days notice is fine)

any suggestions would be welcome!!

thankyou

Panchen_lama

I would have thought a cash ISA would be best. No tax to pay on your interest. Depends on your tax code though i.e. are you paying 40% tax?

s.gerrard

no my code isnt for the 40% bracket i dont earn above 15,000!

which ISA account would you advise me to go for?

thanks for your reply

FridaysVictim

If you don't mind risking it why not buy some gold coins . You can buy them online from , for example , http://www.goldline.co.uk/ . Order online , they'll come back with a current price , pay via cheque or bacs and they'll send the coins by Special Delivery .

Aegis

s.gerrard wrote: »

hi have 3000 pounds to invest but i dont know what to do with it?!

should i just put it in a savings account? or go for ISA etc?

i dont mind risking it, if anybody has any suggestions?

otherwise i dont mind putting it into a saving account (but which one?! i dont need to access it that quick maybe 30-60 days notice is fine)

any suggestions would be welcome!!

thankyou

If you already have a pool of emergency savings you could consider investing in a stocks and shares ISA. With £3000 you can get a reasonably diverse portfolio that in the long term (i.e. 5 years or more) stands a very high chance of well and truly beating any interest you could have got on a cash account.

If you don't have emergency savings, then make this your starting fund for that specific purpose. The idea of these savings should be to make it so that you can live off them for 3-6 months if your incomings suddenly vanish (i.e. if you need to change jobs). A high interest cash ISA would be excellent for this purpose (see the ISA forum for more information)

I certainly wouldn't recomment what the previous poster did, i.e. purchasing gold coins. If you want to buy gold, use an ETF to track the commodity online without running the risk of losing them, having them stolen or finding them hard to sell when you want to. However, the general idea is that for a high-risk investor, gold should maybe make up 5% of your investment portfolio (if I remember something I read this morning correctly), so going entirely into that would be indavisable.

Enjoy researching, it's more fun than it sounds!

s.gerrard

thanks for your replies.

i dont really like the idea of the gold coins, id probably end up trying to put them in a fruit machine.

i have some other savings so i wuldnt be in a great rush to get the money out/back, but just in case of emergency i dont want to put it into an account that requires eg. 6 months notice before you can access your money.

i wouldnt mind an account that requires say 1-2 months notice though.

i think ISA is they way to go but there are so many i just dont know which one to choose!!

has anybody recently invested/purchased an ISA that they can reccomend?

Thanks again for all your replies youve all been very helpful!!

Aegis

See this thread's first post for a regularly updated list of the best available cash ISAs:

http://forums.moneysavingexpert.com/showthread.html?t=401374