£3000 to invest> complete noob

juygljgigihbfja

hi,

i've been saving for quite some time now and have finally reached £3000. however, this money is currently just sitting around, doing vey little and slowly getting spent.

i want to see it GROW!

what's the best thing to do with it? i know absoloutely nothing about finance so please explain things for me.

i don't mind taking risk if the pay-offs are worth it.

sorry if this has been posted in the past. also, if you know of any posts/websites worth looking at, please post links.

many thanks in advance...

liitleblackcat

It depends on you attitude to risk. If you are happy to see its value go down as well as up - but wiht more prospect for long-term growth, check out on online financial advice page and someone out there will offer to invest it in a stocks and shares ISA for nothing (see Martin's Investment ISA page http://www.moneysavingexpert.com/savings/isa-discounts. You need to leave it there for at least 5 years, though, and not to worry too much about the ups and downs of the FTSE100 index.
If you don't want to risk the money at all by playing the stock market, open a Cash ISA (if you pay tax) with up to £3,600 this tax year. See Martin's Cash ISA page for more details http://www.moneysavingexpert.com/savings/best-cash-isa

juygljgigihbfja

hi,

thanks for the reply, does anybody know what kind of reurns i can expect from these two methods. just a guide amount or a rough guesstimate would do

Lokolo

Have a look yourself?

On the Best ISA page theres around 6-6.5% year interest.

With investment you don't know unless you can predict the future.

red_bertie

You really should look at all your options, there are different product/rates in all the areas, so your question on returns is like asking "how long is a piece of string"?

Use the links the previous poster has taken time to provide, you will find really comprehensive info on them.

RB