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£1000

Former MemberFormer 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?

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Give it to me and I will gaurentee to give you back £2000 next week.

    NOTE :- This is not a gaurantee to double you money :p
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    But I have no idea what they all are. Things like ISA and Pep etc.

    I need an Idiot's guide to finances!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    go and speak to your bank manager and ask him/her to explain all your options there in easy-to-understand terms.

    i'm going to have to do something similar soon as i have a bond that is going to mature soon.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    put it in an offshore savings account hehe. put it in a foreign currency that way it will increase value faster because most other foreign currencies grow faster than the pound and the dollar. did you know it's illegal to tell people this apparently?

    A bank I can highly reccomend is UBS
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    An Isa won't neccesarily make you money...it depends what kind of Isa you choose but sometimes they lose money!!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by TheShyBoyInTheCorner
    put it in an offshore savings account hehe. put it in a foreign currency that way it will increase value faster because most other foreign currencies grow faster than the pound and the dollar. did you know it's illegal to tell people this apparently?

    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:
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by legal junkie
    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.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by legal junkie
    but you'll lose money on the exchange rate if you need to convert it back to sterling.

    :yes:

    Aww, boo. :( You got rid of your cat hoodie av.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by *Lisa*
    Aww, boo. :( You got rid of your cat hoodie av.

    sorry...

    i look loads different now.

    tell you what..... *scuttles off*
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by BritJames
    Always found out - i do that for a living remember :/

    lol, ya think i'd be here if i couldn't :p

    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 :D
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by *Lisa*
    Aww, boo. :( You got rid of your cat hoodie av.


    there :D
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by BritJames
    lol

    ok

    so why don't you get in on it then? *sigh*

    because i dont have a substantial amount of money. actually, i do have about like, £10 :D

    it's well cool my friend has like this code that changes every 30 seconds he enters onto the internet.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by TheShyBoyInTheCorner
    unless you invest a substantial amount of money and cut a deal with the bank clerky dude.

    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.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by byny
    An Isa won't neccesarily make you money...it depends what kind of Isa you choose but sometimes they lose money!!

    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.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by legal junkie
    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.

    well the person who i know does it and makes 12K a transaction :p
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