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money investment - what are my options?

Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
Hi,

im in a lucky situation where i have £3,000 which i deffinately wont need whilst im at university (currently 2nd year). I would love to donate it to thesite but i will no doubt need it in the future.

ok, so what are the best options for someone in my position - at the moment it is uselessly in a current account. I already have my ISA limit. I would like to invest the money, i will deffinately not need it for at least a year, but would consider longer term investments if its deemed suitable.

any suggestions would be appreciated. cheers

Comments

  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Before investing, ask yourself if you can afford to loose the money, even if you don't need them just now, money is always handy.

    I'd invest in "safe" corporations. Oil investments could be a good thing, just make sure you invest when the price of oil is really low. Don't be too afraid of oscillatin oil prices either, the chance of i.e. BP going bankrupt is very low.

    If you want to take more risks, you could go for smaller companies, perhaps a niche business you think have some products that will be really popular in the future.

    First step could be go talk to your bank about opening a "stock-trading" account.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Deposit it to the Bank of Cal

    :thumb:
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    You know you get a new ISA allowance every tax year?

    So unless you've put over £3000 in an ISA in the last month you still have that option open to you.

    There are some good fixed rate/term bonds out there at the moment. My quick scan and search a few weeks ago showed Nationwide to be one of the best.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    So unless you've put over £3000 in an ISA in the last month you still have that option open to you.

    yep. new tax year begins in april.
    other than that you could change your bog standard isa into a maxi isa which i seem to remember has a limit of £7000 investment rtahre than £3000
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Not that it helps much in your case, but in case anyone else is thinking about ISAs, the annual limit went up to £3,600 this April (from £3,000 last year) :)
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    You know you get a new ISA allowance every tax year?

    So unless you've put over £3000 in an ISA in the last month you still have that option open to you.

    There are some good fixed rate/term bonds out there at the moment. My quick scan and search a few weeks ago showed Nationwide to be one of the best.

    :yes: If you definatley dont need it and still have your ISA allowance do that (or out it into the stocks/sgares/equity part which you invest £3600 a yaer into as well as having a cash ISA). If not fixed rate bonds tend to have a fairly good rate of interest.
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