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Best way to invest £7000

brettytopbanana Avatar
6y, 8m agoPosted 6 years, 8 months ago
As the title says really.
What would be the best thing to do with this where I will get the best return risk free.


Thanks
brettytopbanana Avatar
6y, 8m agoPosted 6 years, 8 months ago
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Comments/page:
#1
Send it to me and I will pass onto my uncle who is a Nigerian Prince. He's short of cash at the moment but he will pay you back plus 1,000,000% in a months time.







I apologise, couldn't resist....
#2
Give it to me
#3
risk free imo is just a savings account locked away for a amount of time you dont need the money..


icici offer 4.11aer for 2 years
#4
I have a similar problem, I am looking to put £15,000 somewhere risk free for 8 months, i am considering premium bonds. Most places only offer decent interest if you leave it for a longer period, premium bonds offer the chance to win £1,000,000, and many smaller (and more realistic I know) prizes.
#5
Put as much as you can into a Cash ISA if you pay tax. If you haven't put any in since 6 April 2009, you can pay in £5,100 now and the rest after 5 April 2010.

I think that moneysavingexpert.com has a list of the best rates available on Cash ISAs.
#6
Find a decent football team who are playing with their odds @ evens

If u lose, u got a story

If u win u got 14k
#7
:thumbsup:
tony_s1
Put as much as you can into a Cash ISA if you pay tax. If you haven't put any in since 6 April 2009, you can pay in £5,100 now and the rest after 5 April 2010.

I think that moneysavingexpert.com has a list of the best rates available on Cash ISAs.


I agree. great timing too with the end of the tax year coming up
#8
buy shares in British Airways.....
#9
tony_s1
Put as much as you can into a Cash ISA if you pay tax. If you haven't put any in since 6 April 2009, you can pay in £5,100 now and the rest after 5 April 2010.

I think that moneysavingexpert.com has a list of the best rates available on Cash ISAs.


+1.
#10
tony_s1
Put as much as you can into a Cash ISA if you pay tax. If you haven't put any in since 6 April 2009, you can pay in £5,100 now and the rest after 5 April 2010.

I think that moneysavingexpert.com has a list of the best rates available on Cash ISAs.


Agreed.

If you want risk free, it's the way to go but don't exepct to get rich quick. The longer you lock your money in the better the rates. My mum bought a 3 yr bond ISA from the Nationwide last year and will get 4% pa tax free. Not great but as good as it gets right now if you're totally risk-averse.
banned#11
Ever heard of forex trading. You could try invest your money there...
#12
cash isa and premium bonds
#13
I'd agree with the cash ISA idea.
#14
AmazingDeals
Ever heard of forex trading. You could try invest your money there...



He wants risk free. Do you even know what forex is ? :whistling:
#15
numptyj
Find a decent football team who are playing with their odds @ evens

If u lose, u got a story

If u win u got 14k


spilt it 3 ways between Chelsea, Man U and Arsenal for the PL Title (not sure of odds but you may get a good price to make a little profit)
banned#16
tallpete33
He wants risk free. Do you even know what forex is ? :whistling:


Yes I do know what forex is, have been trading it for the last couple of years. I agree it can be risky but that depends on your knowledge and discipline.
#17
Do you have a mortgage? Best return will be to whack it off the capital owed.
#18
Penny Saver
Do you have a mortgage? Best return will be to whack it off the capital owed.


Wouldn't you need to know their interest rate, and if there were any penalties?
#19
thesaint
Wouldn't you need to know their interest rate, and if there were any penalties?


Not necessarily. It could still be a better return than getting 4% in an ISA. Once you take inflation into account, your 'investment' isn't really worth any more than it was to begin with. Even if you have to pay some sort of penalty (lots of banks don't anymore, as they are quite keen to get their money back) it would still knock years off the outstanding loan (I'm basing that on what one would call the 'average' house loan.) Obviously there are extremes both ways, there may be no mortgage to begin with, or one so grossly enormous that the £7k wouldn't touch it... but if I had the spare cash right now, that where I'd be getting the best return.

One must take into account that paying sums off the mortgage is a great thing in principle, but you'll struggle to get that money back if you ever need it again, at least you can withdraw it from an ISA. It's a catch 22 at the moment, interest rates are so low it's better to reduce loans than to save, but the employment market is so poor that people are trying to save rather than 'spend' just incase the worst happens and jobs are lost.
#20
Penny Saver
Not necessarily. It could still be a better return than getting 4% in an ISA. Once you take inflation into account, your 'investment' isn't really worth any more than it was to begin with. Even if you have to pay some sort of penalty (lots of banks don't anymore, as they are quite keen to get their money back) it would still knock years off the outstanding loan (I'm basing that on what one would call the 'average' house loan.) Obviously there are extremes both ways, there may be no mortgage to begin with, or one so grossly enormous that the £7k wouldn't touch it... but if I had the spare cash right now, that where I'd be getting the best return.

One must take into account that paying sums off the mortgage is a great thing in principle, but you'll struggle to get that money back if you ever need it again, at least you can withdraw it from an ISA. It's a catch 22 at the moment, interest rates are so low it's better to reduce loans than to save, but the employment market is so poor that people are trying to save rather than 'spend' just incase the worst happens and jobs are lost.


The OP hasn't given any information to say what the best return would be.
Any suggestions are a shot in the dark at best.
banned#21
Yes I know what forex trading is and have been trading for the last few years. For those that don't know here is some info: http://yourtradingdiary.blogspot.com/2009/12/forex-definition-what-is-forex-trading.html
#22
AmazingDeals
Ever heard of forex trading. You could try invest your money there...


tallpete33
He wants risk free. Do you even know what forex is ? :whistling:


haha lol easiest way to lose it all and plus the shirt of your back if you dont know what your doing

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