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2k to use wisely...

Discussion in 'General Discussion' started by ALLI, 8 Mar 2006.

  1. ALLI

    Wise Guy

    Joined: 9 Jun 2004

    Posts: 1,712

    Location: Lovely Wolver-ampton!

    OK... I have an ISA which is currently full for this year.

    I've got an 8% saver account which only allows me to place 250 in each month.

    I have 2k that needs to be removed from my current account to prevent me buying a new PC ;)

    So, where's the best place for my to plop this cash (seriously)?

    The ony thing I can think of is to drop it into my ISA as soon as March is over. Not keen on stocks and shares as I feel that's too hit'n'miss. I'll not need the money in a rush, it's basically going towards a deposit on a house in a couple of years when I finish my training.

    Something secure, but will reap maximum gain for me.

    Can you have more than one ISA? Is it best to keep to one?

    Thanks ppls.
  2. monkeyspank


    Joined: 26 Dec 2003

    Posts: 6,322

    Location: cambs UK

    You might get lucky with 2K worth of premium bonds. No guaranteed return on those but at least it will stop you spending it.
  3. AndyBorzi

    Wise Guy

    Joined: 15 Nov 2005

    Posts: 1,390

    Location: Peterborough

    Think you can put in £3600 in an isa in one year. So if you have topped it this year can't you just wait until end of March/April whenever it is and put it in then? Until then, buy some premium bonds - you never know!! :)
  4. Beansprout

    Man of Honour

    Joined: 31 Jan 2004

    Posts: 16,316

    Location: Plymouth

    I wouldn't buy shares at the moment as the general opinion seems to be that the market is high at the moment, so there may be a drop and there almost certainly won't be any significant gains for a while.

    That's just my opinion though, and I'm by no means an expert :)
  5. happytechie


    Joined: 18 Oct 2002

    Posts: 5,601

    Location: Surrey

    yes you can have more than one ISA but you can only invest 3K total a year into mini cash ISAa.

    If you want to stop yourself spending it you could just whang it into a high interest, notice account with no card access to stop you spending it.

  6. daz


    Joined: 18 Oct 2002

    Posts: 24,014

    Location: Bucks

    Buy into metals.
  7. Visage


    Joined: 13 Jan 2005

    Posts: 10,708

    I agree. Go for a 90 day notice account. You'll get a decnt rate of return with NO RISK. The last thing you want is to have to delay buying a house because of a dodgy investment.
  8. Gedalia_w


    Joined: 7 May 2003

    Posts: 668

    Location: London

    £575 interest from my cash isa this year. Not huge, but certainly makes me feel good that im saving constantly and at no risk.
  9. Heliospherez


    Joined: 3 Jan 2004

    Posts: 3,490

    Location: At Home

    Sorry - but I have to correct some of the quotes above before you go getting any hopes up...

    From HM Revenue site :

    "The amount you can invest in each tax year (6 April to 5 April ) is fixed. You can invest up to £3,000 in a cash ISA, and £4,000 in a stocks and shares ISA. "

    & more importantly

    "You cannot invest in more than one Mini cash ISA, or more than one Mini stocks and shares ISA in the same tax year"

    Which basically means - there is no legal way of investing more than £3000 in cash in ANY one year yourself. You can of course open an ISA in relatives/GF/Wife name also - if you trust them enough and get the tax break that way. Just what I do....So me/wife invest £6000 per year, tax free (and get 5.4% int - a nice little earner once you get up to around £50,000 savings in the ISAs ;) )
    Last edited: 8 Mar 2006
  10. bottletop

    Wise Guy

    Joined: 26 Feb 2003

    Posts: 1,116

    I can't argue with that as that's what I've been doing for the last 18 months, and would see a decent return if I sold out now (approx +30% on bullion, +10% on junior gold miners)

    If you haven't got a mortgage (over pay that if you can), your safest route is waiting to see if there are any new ISA deals after 6th April.
  11. DanSolo

    Wise Guy

    Joined: 22 Jun 2004

    Posts: 1,030

    Sex drugs and rock and roll. :p
  12. daz


    Joined: 18 Oct 2002

    Posts: 24,014

    Location: Bucks

    And waste the rest!
  13. William


    Joined: 26 Jul 2003

    Posts: 10,948

    Location: Derby

    What about some sort of electric hat?
  14. lozza23_uk

    Wise Guy

    Joined: 23 Jan 2006

    Posts: 1,536

    open an ING account.
  15. MR_Punk


    Joined: 23 Mar 2004

    Posts: 7,948

    Location: Up t'north

    £2000 pound coins - an empty room - roll around!!
  16. Gedalia_w


    Joined: 7 May 2003

    Posts: 668

    Location: London

    Ouch, that would hurt. Better yet convert into dollar bills and then you have a nice swim.

    I never understood how Uncle Scrooge in Ducktails could swim through gold coins :confused:
  17. Von Smallhausen

    Man of Honour

    Joined: 1 Aug 2004

    Posts: 12,639

    Location: Tyneside

    ROFL !!

    This lad is making me laugh more and more. :D

    Sig is tremendous.
  18. Infidel


    Joined: 4 Mar 2004

    Posts: 269

    Location: UK

    Start your own internet dating service.

    Or blow the lot at a posh casino...
  19. LeperousDust


    Joined: 4 Nov 2003

    Posts: 5,733

    Location: Edinburgh

    Clever gambling? Arbitrage betting and/or matched betting and/or lay betting all much of a muchness, it requires a large lump sum to pull it off properly, can return 5-15% on initial investment sometimes, and its tax free :D. Just have to be careful but its also a bit of a thrill. Have a read up on it either way. I'm saving up presently, using ICICI Hi-Save savings account (5.15% interest), once i've got about 1k in there i'm going to start drawing money in and out arbitrage betting (i'd use an ISA but money has to be moved in and out which isnt suitable for an ISA).
  20. ALLI

    Wise Guy

    Joined: 9 Jun 2004

    Posts: 1,712

    Location: Lovely Wolver-ampton!

    Kind of defies the whole point of the thread.

    Scroll back up, re-read it, and try again you scallywag.