What Would You Do Advice Please

[weecalf]

Saved up over last 4 years in an account ,had 9000 in account got interest lately of wait for it 25 quid .so looking to invest it in summit not to make me rich but at least something worth while .what bank account would you good people advise

[Old_Geezer]

In the present economic climate I don't think any guarantied return is going to be worth much. Might be better looking for something to buy that would increase in value.

[boxtops]

There's nothing much around, and it's not our place to recommend. Do what I did, hike up and down all the banks and building societies in your high street and see what rates they are offering for longer-term investments. Don't forget to make sure that you are using all your ISA allocation this year - it may not be paying much interest but at least you'll not be paying tax on it.

[factor-fiction]

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest
This may help. other comparison sites are available.
The best account depends on whether you are a taxpayer (ISAs may be better if you are), whether you want to manage it by post/branch/online, how much notice you are prepared to give, and whether you can tie some or all up for a fixed term

[Mass_Hysteria]

An ABer posted this earlier, I'm certainly going to look into it

http://www.rocinvest.co.uk/self-storage.html

[coccinelle]

Just a thought: if you live in a city you might want to invest in a garage which you can let out; a garage always sells in a city....

[weecalf]

It was in isa at .5 percent.girl on desk said quote "we'll isn't it something " Said nowt but me and my account will be moving

[237SJ]

I`m assuming you had the money in an ISA that had a bonus period and you didn`t move it when the period came to an end. If you don`t move it when the bonus ends, you will get a terrible rate. If you still a tax payer, move it to another ISA. I find the Daily Mail site thisismoney good for clear savings rates lists.

[weecalf]

Yes that what happened Actually thinking of putting in post office .Would that make sense

[237SJ]

Do you want instant access? Do you want a branch based account or are you happy to have postal/internet access? It depends what you want from the account.

[VHG]

I had money in a "cash" account last year earning 2%. This year they said they were reducing it to 0.5%

I went in the branch and the best they could offer THIS year was 1%.

You may be lucky to get more than 1% at the moment.

Note: Check the interest you are getting EVERY year on EVERY savings account you have. The banks often offer a good introduction rate to tempt you but after a year or so drop it to nothing hoping you wont notice (though they SHOULD write to you).

[horseshoes]

I bought max allowance of premium bonds. I've had at least £25 each month. Still rubbish return but I have that chance of winning a decent amount.

[weecalf]

Bonds ties it up so is that an option could wait on return if it was worth it

[VHG]

Is the money in an ISA?

If so DONT withdraw it or you lose your ISA "protection".

If it is an ISA see if the bank can transfer it to a better ISA in THIER bank.

If not try to find a better ISA in another bank.

But if you DO find a better ISA still DONT WITHDRAW IT, get your bank to transfer the money to the new bank (they can easily do this), then you keep your ISA protection.

[237SJ]

Well, the better rate, the more restrictions there will be. For example you might get 2% but will have to have the current account from that bank to qualify. Or you might get 1.8% but will lose lots of interest if you make (for example) more than two withdrawals per year. Likewise, you might get an OK rate but you will not be able to transfer previous ISAs into it - you will be restricted to the £5760 for this year and the rest of your £9000 will have to go elsewhere.

[hc4361]

Nationwide current account is paying 5% on balances up to £2500.
Santander 123 account is paying 3% on balances between £300 and £20000.

Savings accounts are all rubbish at the moment, including ISAs. You could gamble the interest and invest in Premium Bonds - at least your money is safe, it's only the interest you are gambling. Assuming you are a tax payer you'd be gambling around £200 a year, at most.

You could also look at peer to peer lending - a bit risky but could be worthwhile.
http://www.moneysavingexpert.com/savings/peer-to-peer-lending

[VHG]

The Santander 123 account does has certain "rules".

You need to pay £2 a month to have one (eating into your interest)

You need to pay in £500 a month.

You need a least 2 direct debits on the account.

[weecalf]

She did mention another isa account might have a word Thanks all

[hc4361]

VHG, Santander also gives cashback on certain direct debits. I get over £6 a month in cashback cancelling out the £2 monthly fee.