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Where to put my money?

wideboy09
wideboy09 Posts: 108 Forumite
in Savings & investments
If you had circa £30,000 in a cash isa paying 1% interest would you move it elsewhere paying a ether rate?
«1

Comments

  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    Yes.

    High interest current accounts and regular savers pay up to 5-6%, even if you do pay tax which you won't on the first £1000 assuming you are a standard rate taxpayer.
  • Eco_Miser
    Eco_Miser Posts: 4,938 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Have a look at this link. Note that regular saver rates are dropping/have dropped, so double check the rate when you apply.
    Eco Miser
    Saving money for well over half a century
  • xylophone
    xylophone Posts: 45,757 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If you had circa £30,000 in a cash isa paying 1% interest would you move it elsewhere paying a ether rate

    One that knocks you out?:)

    You might transfer the ISA to a flexible ISA, take most of the cash out and deposit in high interest current accounts, move it back to the ISA before the end of the tax year to retain the ISA status, do the same the following tax year until there is a decent rate on ISAs again?

    I suppose that in that following tax year, you could add the interest earned on the high interest current accounts to the ISA before starting the merry-go-round again.

    http://www.moneysavingexpert.com/savings/flexible-ISAs
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    xylophone wrote: »
    One that knocks you out?:)

    You might transfer the ISA to a flexible ISA, take most of the cash out and deposit in high interest current accounts, move it back to the ISA before the end of the tax year to retain the ISA status, do the same the following tax year until there is a decent rate on ISAs again?

    I suppose that in that following tax year, you could add the interest earned on the high interest current accounts to the ISA before starting the merry-go-round again.

    http://www.moneysavingexpert.com/savings/flexible-ISAs

    I've heard Tim vine is worried about your competition on the punning stakes!

    In theory your option is fine but is it really worth it?

    Given the £15k you can put in this year and then £20k next then you can get teh sums the OP is talking about back into isas in two years anyway.
  • wideboy09
    wideboy09 Posts: 108 Forumite
    Thanks for the replies,

    Maybe I should have mentioned I still live with parents and I think buying a house in a year is realistic so I'm not talking long term investment but just getting a decent rate over the next year or so.

    For this reason I've got a help to buy isa but as you know you can only pay a very small £200 a month
  • bigfreddiel
    bigfreddiel Posts: 4,263 Forumite
    What return do you want and what risk can you take?

    fj
  • wideboy09
    wideboy09 Posts: 108 Forumite
    3-4 would be good. I'm I don't mind risking it going down a little but would take any risks where I could lose a lot
  • wideboy09
    wideboy09 Posts: 108 Forumite
    3-4 % I mean
  • skitalo
    skitalo Posts: 1 Newbie
    This would be an unconventional advice from an unconventional investor, read on:
    Nobel Prize winning economist Milton Friedman predicted the rise of "Internet cash" in 1999 (do a search "Milton Friedman predicts Internet cash" in youtube to view a video of him explaining it).

    Bitcoin came in 2008 to rise from 0 to $1100 in just a few years and made its early adopters rich along the way.
    NOW... there is a successor to Bitcoin called Monero.
    In the real world Cash is NOT A PUBLIC LEDGER (like Bitcoin).
    Ownership of cash is not stated anywhere on a PUBLIC ledger.
    Hence Monero is a much better candidate for an Internet cash, than any other of the crypto currencies.
    At less than $2 vs. $700 for BTC, could this be the arbitrage opportunity OF THE CENTURY...?!

    So as a security researcher and an investor, I would advise you to put a portion into Monero.
    Read the Monero subreddit and decide for yourself.

    Also, lest you think it is just me, who thinks that Monero could replace Bitcoin, please watch this video, where Roger Ver (The Bitcoin Jesus, and owner of Bitcoin.com) happens to agree with my thinking.

    All best!
  • badger09
    badger09 Posts: 11,697 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    skitalo

    You have waited a very long time since joining in 2009 before making your very first post recommending an investment in something unusual.

    While I admire your patience, forgive me for doubting your motives here.

    SPAM reported

    All best!:cool:
This discussion has been closed.
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