BigErn

Right I need some advice here folks. I have quite a bit of money in my account at the moment and Im sick of the bank hassling me to put it here there and everywhere and I havent got a clue about banking, savings, ISA's etc etc.

I will be looking to move £30-40k from my account to wherever is best, but I dont have the first idea of what to look for etc so any help would be grateful as I imagine I have to be especially careful the way things are at the minute.

Cheers

Red16

£30-40k... my bank account would be nice

fuzzy

what was the limits of cover for personal saving should a bank go bankrupt? possibly better to split it over a couple of different bank accounts as long as the banks are not owned by the same group?

brad

Cant really help you, i would personally put it into a nationalised banks savings scheme. I have to ask though , if your savvy enough to have made 30-40k for yourself and managed to keep it in the current financial market how come you dont know what to do with it ?
If you get really stumped for ideas , i have an account you can use

Coldo

Put it on Red! !!

BigErn

I never said Id made all the money mate. A big chunk of what I have was left to me by a relative in a will. I always kept bank balance low enough to "tick over" and just have my cash elsewhere but this had to be put into my account. Hence why I want it to be doing something rather than sitting there or having the cash sitting in the house.

MR S1, cheers.

Mr S1

iTrader: (2)

No sweat mate

~nomad~

iTrader: (4)

got a mortgage or any debts? If it were me it would come off one of those!

R5FORD

iTrader: (1)

invest 5k in shares and the rest into a offshore account maybe RBS?

BigErn

I have no mortgage and Im paid up now with my only loan so Im debt free. Only bill I pay is mobile phone once a month. Usually about £40. Apart from that, its fuel and general living cost etc.

stevenebm

iTrader: (6)

maybe a financial advisor rather that the average joe who is probably struggling right now could help you better.

RobCarden

i put mine into abbey and halifax.... as long as your under 50k in each your protected.. some accounts have instant access and low interest.. if you don't mind not touching it for a while you'll get a bit more interest.. sadly as the interest rates fall you'll get less and less.... i think isa is limited to around 7grand but you don't pay tax on it and earn a bit more.... might be worth doing one of those.. or maybe one a year for next 3 yrs maybe.. so you get a payout once a yrs.. could be handy....

Fezza

Buy bullion. historically, gold has only ever risen in price.

Mr S1

iTrader: (2)

If I had serious money that's what I'd be buying right now.

Fezza

Bullion can be bought in bars as small as 1gramme.

You can buy it at various places online at a little less than the market rate.

TrevCos

iTrader: (1)

I've been thinking about starting to do this, just a very small amount each month. Stops me spending any spare bits of money I do have (which isn't much), and something different as well.

fuzzy

like here...
http://www.atsbullion.com/Gold-Bars-p-1-c-25.html
and here...
http://www.bullionvault.com/
but you dont see the gold, you buy it and they store it for you.

TrevCos

iTrader: (1)

You can even buy it on E-BAY, now how the rates compare I don't know.

pete mcrash

iTrader: (1)

Ian u know what i'd say...............it would involve mostly drinking and snorting.......

Fezza

Bullion Vault is good. You can start with no cash just to see how you would fare trading your gold, then deposit as little as £15 to get started.

The fees are quite high though, so I don't think day-trading will make much there, but if you have some cash in the bank that you are getting crappy rates on, you might as well bung it on gold if you can leave it for a year or two.

Graham S1

Shame that gold prices are 3 times what they were a year or two ago. Too late now. If I was to buy gold, I'd want it in my hand, not bought and stored.

TrevCos

iTrader: (1)

Yes, I'd want it in my hand, I wouldn't believe I actually owned it if it was 'stored' in a vault.

STEVEST24

Have you got a cash ISA, you can invest £3600 tax free per year, so invest £3600 now and another £3600 after April 5th.
Apparantly alot banks etc offering Bonus Interest rates i.e. get 1-2% bonus on base account rate to tempt new savers.
Also remember that the 50K Guarantee Scheme from Government is per institution, so just make sure if open multiple accounts i.e. HBOS or LloydsTSB are part of Lloyds Banking Group now for example.
Apart from that if you find an account offering more than 6% then let me know cos rates are very poor at the moment.
Well done by the way, you've done the right thing paid your mortgage off and all your loans, so splash out on a holiday to celebrate.

RWD_cossie_wil

iTrader: (9)

buy a couple of buy to let properties, ideal time as interest rates are very low, and lots of people are renting, as they cannot get a mortgage. Also if you go in with a low offer on a property you will more than likely get a big chunk off the asking price..... Just make sure the rent income covers the mortgage, rent to mortgage ratio of 125% is ideal, as it gives a bit of a buffer should the propertys be vacant for a while

Csm

Id buy a safe and keep the money at home at the mo as trust no cunt

Mark_w

How about investing in premium bonds? I put £20k into them 1 year ago and have won £850 in that time which automatically gets reinvested.

regards mark

999

im with him, you cant trust no financial institution at the mo, even something simple like ordering over the net i have to work out weather there likely to go bust or not, its sad but true, cash is king, i prob would have a bit in prem bonds and isas but the rest the good old fashioned way, trade a few cars and invest it yourself

matts1

Had a similar issue but luckily my misses old man wanted a property he could rent for life, the place he was renting was a bit wobbly as it looked like the owner was going to out him and sell up.

So I bought a place for him to rent from me. I got a three bed semi for 90k and so after the deposit, the mortage repayments are nice and low so the rent easily covers it.

However, I would be iffy about doing this if I didn't have someone I knew and trusted in their as it may have sat empty or ended up with squatters etc. To much hassle.

AJC

iTrader: (6)

definately, seconded

dojj

iTrader: (3)

but weslet snipes told me to always bet on black

RC4

mk2 rs 1800 a cacoon and a warm garage and lay it up for 10/15 years
theres a mint and i mean mint one for sale on rallyesportescorts.co.uk

Harris.

Id spend half of it, few really good holidays and maybe a few nice cars !!!

could be gone tomorrow

foreigneRS

put it into isa as they are tax free, and so is your pension fund so make the most of those first.

without knowing what access you want etc it's difficult to advise but i would suggest that now is a good time to put it into long term investments involving deriviatives as you will starting in a low market

SillyFezzaMk1

iTrader: (1)

You in on RBS?

I got in at 16.2p looking to double my money over next few weeks

Dan

Psycho Warren

iTrader: (5)

Northern Rock is still nationalised so moneys safe there!! Maybe decent savings account that still lets you earn something on it.

Funny how the interest rates gone down yet the loan rates havent but damn right they cut the savings interest rates greedy bank cunts!!

dojj

iTrader: (3)

find a savings account wih tht ebest return that will still let you have the money

icici bank used to be a corking deal for big money but it's gone down as of late

i've stuck some money into it in india and am getting 11% a year

foreigneRS

and you have no protection if they go tits up whereas with a uk account you have protection up to £50k. turkish banks are also paying good interest, but just because they are a bank does not make them safe as we have seen lately. any investment comes with risk, and you can usually assume that the greater the potential return, the greater the risk

james kiely

iTrader: (5)

20,000 in bank shares ,they wil eventually come back
10,000 on a holiday,you only live once
10,000 in cash as you never know what will come up for sale,you could bag a bargain,
i will require a 10% fee for such sound advice or else[petrol money for my cossie ,i think thats fair]

cheers james

Micky The Finn

the rbs option is now a possible risk,at sub 11p your risk was worth taking,i was in at 12.8 12.1 and 10.8p, back out on friday morning at 23.11p also lloyds was a good riser,ive day traded them for 3 months now along with rbs and had some very good profit out of them,but they have risen back to the point where they are now not cheap and are risky,rbs may well nosedive if the coming reports are worse than they have admitted,its still risky and they could well hit 5p!!

there are alot of stocks that are very sound but have been dragged back down to 5% of their value by sentiment,there are some trading at 1/3rd of actuall cash in bank price!! thats like buying a pound for 33p!these are where you should be putting say £2k each on and spreading across the sectors.also still lots of dividends available,just check on the ex divi dates and you can see good returns in short time.
i could list some stocks worth looking at but would hate to be seen as a ramper.so heres a few of my passed trades over the last months.

aricom (ore), in at 7.8p currently at 20p
ennstone (enn) in at .30p out at 3.2p, these are currently now suspended mind and ive still got about 100k shares locked in but they are all profit
royal bank scotland (rbs) in at 10.8 to 12.8 out at 23.1p but have kept 9k in incase they rise more,its profit now so no risk
central rand gold (crnd) in at 17p and 24.5p these hit 47.5p this week but took a dive to 34.5p on thursday/friday but with no reason,still a good long term gold stock.
vaktula gold mine (vgm) this is my riskier gold stocks,in at 1.08p but it fell down to .64p this week so topped back up at .73 due to large spead,these rose to .88 on friday,two large stake holders have been forced to dump 100's of millions of shares for a few months now but this looks to be at its end,the spead has narrowed dramatically and some large buys are going through.well worth a look,do you research.

but stocks can fall aswell,ive lost £1000 on woolworths shares!down on two or three others but not much,in this volitile market then £20k invested wisely could potentiolly be worth 10x that amount in 2-3 years with carefull investment and a lot of time researching everything,but its great fun.

i would recomend looking at the gold mining companies,not the actual bullion gold market,and its at a high price now so gains wont be as much,but i do think we will see gold at $1200/oz this year.

Fezza

If you are willing to take a risk in return for a possible decent return, have you thought of investing in a small business?

Have I mentioned I want to start up a Mobile Fish & Chip shop?