money

[Connemmara]

Will be getting about £3,500 next week - anybody tell me best safe way of saving it with a good interest on it. Thanks - I dont seem to have faith in these ISAs but maybe they are safe enough - dont know much about them.

[bednobs]

isas are only any good if you are a taxpayer.

"good interest" just aint gonna happen at the moment, sorry!

[Sqad]

Interest rates are poor.

My advice........Premium Bonds.....bit of excitement.

[Connemmara]

thought that bedknobs - maybe better under the mattress.

[Connemmara]

Squad I would not be bothered to look them up or whatever you do - anyway dont you lose with them. I do realise economy is very bad so no matter what I do with it at the moment things are not looking good re interest.

[factor-fiction]

A stocks and shares ISA maybe a little risky (but also offers a chance of good growth) but a cash ISA is perfectly safe.

[Sqad]

Conne....no! the money remains the same, to draw out whenever you want.

[Connemmara]

Squad can you lift them out of premium bonds without being penalised.

[Sqad]

Conne....yes.

[bednobs]

yes you can. The problem will be of course that if you had them for five years didn't win anything and then took your 3500 back out, the 3500 would be worth less than it was five years ago

[bednobs]

but that's no different from keeping it under the mattress!

[starone]

My bank has a scheme whereby if you keep £7000 in your current account and do at least £1000 worth of business through it during the month, they pay you 4% which I think is extremely good at the moment. Plus the fact that it stays under your control. Mine is Lloyds/TSB but I think the other banks have similar - even better - schemes which might be good to look at. I find it quite easy to do £1000 worth of paying out and paying in so get the interest each month. You have to have a current account of course.

[carlton23]

I`m gradually drawing my money`s out of my savings accounts and keeping it safe, why should I help the banks when they arn`t helping us?

[mickrog]

lend it to your fan club on here and charge them high interest lol

[bednobs]

just out of interest where are you "keeping it safe" carlton? If at home, how safe would it be if your washing machine caught fire and burnt your house down?

[ChuckFickens]

Careful doing that, Carlton.

A friend of mine was doing just that until their house got burgled before Christmas, they are now 10K down which their insurance won't cover them for.

[carlton23]

It would be impossible to find it in my house.

[starone]

I was just about to say chuck, but you said it first, if you kept that much money around in the house you might not keep it very long. Although I do not like the banks because of what they did to us, it is still the only place you can keep it with at least a modicum of safety.

[bednobs]

i'm absolutely paranoid after our washing machine caught fire one day when it wasn't even turned on. Good job we were here!

[gina32]

how did it catch fire even tho it wasnt turned on?

[starone]

Carlton you are labouring under a delusion if you think the burglars wont find it. If it is there they know every nook and cranny you are likely to use to hide it. And they will turn everything upside down to do so. Besides which, you might as well get some interest on it, even if it is only a small amount. I suppose you could carry it about with you, but there are muggers who will mug you for a pound and also you might possibly accidentally lose it. No, much as I hate to say it the banks are the safest places to leave it.