Where would you stick your money?

32
Posted 22nd AprEdited by:"Frenchmeister"
Hi everyone!

Where, in this climate, would you put a fairly large sum of money? Ideally, I want to save it for a rainy day and gain as much interest as possible but also (and this is important) to have access to it if/when needed.
I'm not much interested in the stock market but am open to other suggestions...
I'm thinking it would be between £1,500 to £2,000 but no regular other payments into it (I.e wages...)
Any help would be appreciated.
Cheers guys... Stay safe.
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Invest in a barber shop / hairdressing salon.
Guys, it’s 2020. There is currently nowhere you can invest £2000 and expect to get any sort of interest back from it. £2,000 is not a lot of money these days. Put it in a savings account and forget about it. If you need it, it’s there for you to use.

If you have a mortgage, then make a £2000 overpayment and it will save you a bit of interest each month. The interest saved will be far more than interest made on a savings account.
shnp22/04/2020 21:22

Vanguard Life Strategy 80% Equity Fund in the form of a stocks and shares …Vanguard Life Strategy 80% Equity Fund in the form of a stocks and shares ISA.


That may not work out too well if OP needs access to the money at short notice.

For those types of investment you need to be able to commit to a minimum period of at least 5 years, but ideally longer.
Edited by: "Guzzle" 22nd Apr
32 Comments
Vanguard Life Strategy 80% Equity Fund in the form of a stocks and shares ISA.
Invest in a barber shop / hairdressing salon.
Marcus
Just today I read the government are still paying 1.4 or 1.5% interest on ns&i bonds, so one of the best rates and the chance to win a prize through the premium bonds
Under my mattress
nopartylikeansclubparty22/04/2020 21:30

Just today I read the government are still paying 1.4 or 1.5% interest on …Just today I read the government are still paying 1.4 or 1.5% interest on ns&i bonds, so one of the best rates and the chance to win a prize through the premium bonds


Just remember that the rates assume you win..... you may not.
Give it me and I'll spend it for you.
markmc99922/04/2020 21:35

Just remember that the rates assume you win..... you may not.


Good point!
buy oil!
i'd go with Premium bonds too. the prize fund is linked to the interest base rate, so the chances of winning one of the top prizes are pretty slim - but you can't lose your money, and you can access it anytime. even if you win £25 a couple of months out of the year it's probably more than any interest you would get elsewhere.
shnp22/04/2020 21:22

Vanguard Life Strategy 80% Equity Fund in the form of a stocks and shares …Vanguard Life Strategy 80% Equity Fund in the form of a stocks and shares ISA.


Generally yes, but I wouldn't with only £1500
shnp22/04/2020 21:22

Vanguard Life Strategy 80% Equity Fund in the form of a stocks and shares …Vanguard Life Strategy 80% Equity Fund in the form of a stocks and shares ISA.


That may not work out too well if OP needs access to the money at short notice.

For those types of investment you need to be able to commit to a minimum period of at least 5 years, but ideally longer.
Edited by: "Guzzle" 22nd Apr
Shares in fresh orange juice.
I watched a film the other day and...
Premium bonds the rate was dropping in may but isn't now
Edited by: "snoopy18" 22nd Apr
Thanks for your suggestions guys! 🏻
If I was investing money I'd put it in gold seems to be a solid investment to get into.
Guys, it’s 2020. There is currently nowhere you can invest £2000 and expect to get any sort of interest back from it. £2,000 is not a lot of money these days. Put it in a savings account and forget about it. If you need it, it’s there for you to use.

If you have a mortgage, then make a £2000 overpayment and it will save you a bit of interest each month. The interest saved will be far more than interest made on a savings account.
nopartylikeansclubparty22/04/2020 21:30

Just today I read the government are still paying 1.4 or 1.5% interest on …Just today I read the government are still paying 1.4 or 1.5% interest on ns&i bonds, so one of the best rates and the chance to win a prize through the premium bonds


you don't earn any interest on premium bonds,i pay in every month the way i look at it is savings rates are so low(and so they should )and if i win a few small wins in the year beats interest rate and fingers crossed its a biggie.
niffer122/04/2020 21:44

buy oil!


no need. apparently they are paying people to take it!
PennyTrader22/04/2020 21:56

Shares in fresh orange juice.I watched a film the other day and...


and pork bellies
You describe your money as 'rainy day'. That implies that it is your emergency fund for extraordinary events like losing your job or the boiler breaks. Usually 'rainy day' money should be cash or cash equivalent and available at short notice. So banks/building society are your realistic choices. You can get around 1% on instant access or 1.4% fix for a 6 month bond (no withdrawals), its rubbish return, but that is your only super safe option. Although the stock market is a (brave) buyers market at the moment and the rewards could be great, the risks are too high for rainy day money. If you are saving for a 10 - 20 year horizon then stocks might be best. Government (UK or USA) debt (gilts) is the next safest option but still a lot riskier than cash at this time.
No doubt at all at this time of uncertainty and negligible interest rates and as recommended by earlier posters - Premium Bonds - absolute government guarantee, very quick access and chance of winning small or large sums. The wins that I get are equal to any interest that I could earn.
No offence but £2000 really isn’t a large sum of money investment wise. It’s quite the opposite. Not worth even trying to invest that amount. Be more use using it to learn a new skill maybe.... do a course that can make you money in the future maybe or something similar
TSB current account pays interest up to £1500 it was 3% but I think it dropped to 1.5% paid monthly.

but you said fairly large junk of money, it’s not now a days.
Bargainhead23/04/2020 05:29

TSB current account pays interest up to £1500 it was 3% but I think it …TSB current account pays interest up to £1500 it was 3% but I think it dropped to 1.5% paid monthly.but you said fairly large junk of money, it’s not now a days.


Ah right I get it now re the other post - you are a troll.
bossyboots23/04/2020 08:35

Ah right I get it now re the other post - you are a troll.


Don’t know what you mean, I gave op advice of where to get instant access to cash and interest rate. What other post I comment on a lot of different things..
Open 3 banks accounts with different banks. Then when you see the cash incentive for switching banks (£50 - £300 usually) take advantage 3 times. You must have direct debits , so set these up from your own accounts to your own accounts. A bit of work but funds would be available 24/7.
Ringfinger23/04/2020 09:07

Open 3 banks accounts with different banks. Then when you see the cash …Open 3 banks accounts with different banks. Then when you see the cash incentive for switching banks (£50 - £300 usually) take advantage 3 times. You must have direct debits , so set these up from your own accounts to your own accounts. A bit of work but funds would be available 24/7.


How do you set up direct debits to yourself? (As opposed to standing orders)
Saga has one of the better interest rates for instant access accounts and u can have interest paid monthly
Pick your poison but do it now before the whole world’s economies landslides into oblivion
joyf453623/04/2020 09:12

How do you set up direct debits to yourself? (As opposed to standing …How do you set up direct debits to yourself? (As opposed to standing orders)


Sorry, me getting ahead of myself. I have 3 bank accounts, but I use my regular direct debits split between them. Gas, electric, broadband, tv licence, water rates, council tax, car tax, charity donations, Amazon prime, Netflix (though that's going soon). Easy to get 2 direct debits in each. 3 bank accounts, each with different banks. As for the £1,000 minimum income, simply transfer it back and forwards between banks if you don't have enough. ie.. £2000 wages into one, then each into other's . £1,000. Transfer money back to cover bills.
FTSE tracker ISA fund.
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