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£1000
Former Member
Posts: 1,876,323 The Mix Honorary Guru
in General Chat
I have to put this here due to the lack of a 'Financial' Forum.
I have about £1000 sitting in a bank account and I want it to become more than that.
What can I do with this money that will give me a goodreturn and turn it into some more money?
What sort of investments are there etc?
I have about £1000 sitting in a bank account and I want it to become more than that.
What can I do with this money that will give me a goodreturn and turn it into some more money?
What sort of investments are there etc?
0
Comments
NOTE :- This is not a gaurantee to double you money
I need an Idiot's guide to finances!
i'm going to have to do something similar soon as i have a bond that is going to mature soon.
A bank I can highly reccomend is UBS
but you'll lose money on the exchange rate if you need to convert it back to sterling.
:yes:
unless you invest a substantial amount of money and cut a deal with the bank clerky dude.
Aww, boo. You got rid of your cat hoodie av.
sorry...
i look loads different now.
tell you what..... *scuttles off*
nah i know someone who transers $1M from euros to pounds like everyday when it changes and he pays i think about 0.05% commision
there
because i dont have a substantial amount of money. actually, i do have about like, £10
it's well cool my friend has like this code that changes every 30 seconds he enters onto the internet.
the exchange rate back to sterling is always higher than the exchange rate from sterling.
so if you have sterling, convert it to another currency and then back, you will lose around 10% of your total on the conversion back.
and that's without comission.
You could lose money if you put it into an ISA thats connected to the stock exchange, I don't know what its called and I didn't understand it. They're also a long term investment ie 5 years.
I have a mini ISA i think, you can put £3000 into that a year and the intrest is tax free (as long as your income doesn't go above a certain amount) and you can withdraw whenever.
Theres all sorts of savings accounts as well, they give higher intrest rates than cash accounts.
well the person who i know does it and makes 12K a transaction