Good way to save a few thousand pounds...

[yak.h'cir]

I have managed to save up a few thousand over the summer but not sure of the best way to invest it to get the interest. I already have one ISA account and have put the maximum in it this year.

Any suggestions much appreachiated! Might save me some time trudging round all the banks!!!

 

[z0mbi3]

Invest in wine tbh. It's a viable market without the risks of stocks. Will mature much faster than any bank interest rates too.

 

[Virdi]

Easy and safe option is to stick into a High Interest Savings account.

 

[Bunka]

Half in savings account and half in premium bonds. See if the premium bonds do alright, and if not, transfer the money to your savings account.

 

[cleanbluesky]

Invest in wine tbh. It's a viable market without the risks of stocks. Will mature much faster than any bank interest rates too.

Down to Tescos!

 

[starscream]

Lenses

 

[rpstewart]

The key question is what sort of access you want to the cash. If you need it back then the already mentioned high interest savings account is probably the best bet. On the other hand if this is something you're not going to need for a while there are a lot of fixed period bond type savings products that will give a better return than a normal savings account. Finally if you have a mortgage there's always the option of wacking it against that (assuming no penalties for doing so) and hence reducing the term of the loan.

 

[lozza23_uk]

I have managed to save up a few thousand over the summer but not sure of the best way to invest it to get the interest. I already have one ISA account and have put the maximum in it this year.

Any suggestions much appreachiated! Might save me some time trudging round all the banks!!!

since april you have put in the maximum...I need a new job

or to stop spending money on drums and music.

 

[gord]

since april you have put in the maximum...I need a new job

or to stop spending money on drums and music.

You assume a lot financially.. he may have earnt it.. but earning money is not the only way of acquiring it.. <kids, stealing is bad mmkay, so is killing people to inherit from mmkay>

 

[NickXX]

Invest in wine tbh. It's a viable market without the risks of stocks. Will mature much faster than any bank interest rates too.

By this do you mean actually going out and buying bottles, or doing it via a trader?

Sounds interesting...

 

[gord]

By this do you mean actually going out and buying bottles, or doing it via a trader?

Sounds interesting...

I imagine by a trader as doing it by the bottle wouldnt offer the returns for the time invested nor give you any economies of scale unless you were operating in a niché of the wine market with extremely rare bottles.

 

[lozza23_uk]

You assume a lot financially.. he may have earnt it.. but earning money is not the only way of acquiring it.. <kids, stealing is bad mmkay, so is killing people to inherit from mmkay>

ohh didnt think of that. hmm. stealing from kids is bad. dont do it.

give the money to the NSPCC and ask for the lords forgiveness.

or just go and buy the biggest television you can.

other than that...maybe find a low risk fund to put it in. can offer decent returns if you can take the risk.

 

[ZXSpectrum]

A friend of mine is doing some wine trading at the mo.. You would not believe how much money he is making. Once he has sold it all he will have made almost 500% profit (Think i was actually more)!
You generally have to have enough monet to buy a complete batch then sit on it for a while (Years). Then sell at huge profit.

After he has sold his last batch (He has 12 in total) he is then going to invest... In Diamonds...

 

[Borris]

Invest in wine tbh. It's a viable market without the risks of stocks. Will mature much faster than any bank interest rates too.

Tip of The Week - Thunderbird. The Best Before Jan 09 is considered the best vintage for months.

Is wine as a long-term investment a good idea? Possibly, if you really know what you are doing.

For example, if you were quick, you could have picked up 2003 Corbieres at a great price, and they have now rocketed.

But you could have also purchased 2005 Burgundys at the peak of demand, and seen your investment plummet.

 

[pcknight]

Premium bonds would be my choice.

 

[Amps]

Premium bonds would be my choice.

Only invest in premium bonds if you are in the 40% tax brackets and have filled both your Shares/cash ISAs at any other time they are a bad investment.

 

[yak.h'cir]

Thank you everyone! Lots of interesting ideas!!! Might have to look into this wine investing, although I cant really afford to lose it so I might stay with something safer, i've heard a bit about premium bonds before, might look into that one futher! Any pitfalls to avoid???

Oh, and for the record all the money was earnt by me! I promise i've not been robbing schools kids lunch money.

 

[yak.h'cir]

Only invest in premium bonds if you are in the 40% tax brackets and have filled both your Shares/cash ISAs at any other time they are a bad investment.

I am in the 40% bracket. I've filled my cash ISA allowance, but dont have any shares.

 

[Amps]

I am in the 40% bracket. I've filled my cash ISA allowance, but dont have any shares.

I would advise using your Tax free shares part of your ISA which will allow to invest £4000 per year.

What you invest in is up to you.

I would either choose FTS tracker or a UK/Eur based FUND

 

[NickXX]

After he has sold his last batch (He has 12 in total) he is then going to invest... In Diamonds...

How big is a batch? Does he store the wine at home?