ChatterBank2 mins ago
Moving home
10 Answers
This will probably be moved to business and finance but....
I'm moving out of my rented flat into another place where I have been given the option of living rent free. (long an boring story). The thing is, this gives me a lot of spare money that I want to save for the future. I can put the �750 a month that I was spending on rent and bills somewhere, but don't know what the best option is. I'm seeing the bank later, but I'd like to have some idea of my options before then. What can I do with the money that will give me the best returns?
I'm moving out of my rented flat into another place where I have been given the option of living rent free. (long an boring story). The thing is, this gives me a lot of spare money that I want to save for the future. I can put the �750 a month that I was spending on rent and bills somewhere, but don't know what the best option is. I'm seeing the bank later, but I'd like to have some idea of my options before then. What can I do with the money that will give me the best returns?
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If you dont already make use of tax free interest on savings you could open an isa, although there are limits per year that can be saved this way. i would do that and open a regular saver account where you save a set amount each month - that offers higher rates of interest and you are usually penalised if you withdraw(which should ensure your not tempted to spend any!)search on internet to find where highest rates are currently being offered.
if you can afford it go for something like a unit trust (this will mainly invest in equities so needs to be invested for five years minimum) go see a financial advisor that can help you further but fill up an isa first then go to an IFA to see about using a unit trust as these are a good way to get good returns from a pooled investment.
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