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Author Banking Day - When to invest...
Pop
Member

Registered: 8th May 03
Location: Reading
User status: Offline
20th Feb 12 at 14:55   View User's Profile U2U Member Reply With Quote

Hey,

We have a lump sum of money that is currently sat in a bank account accruing very little interest. Those of you in the know...

Do you know if it would be better to select an account to shift it to now or wait for the new financial year and see if there are any better deals tempting people to move their ISA's etc?

Cheers,
Tim
James
Member

Registered: 1st Jun 02
Location: Surrey
User status: Offline
20th Feb 12 at 15:04   View User's Profile U2U Member Reply With Quote

Depends how much it is. If you get it into an ISA now, you can use up your 2011/2012 ISA allowance and then transfer it to another ISA in the new tax year. That way you would get the option of using both the 2011/12 allowance and the 2012/13 allowance.

Savings accounts and ISAs are rubbish at the moment though, I wouldn't normally say this but you are probably better off buying premium bonds if you want a risk free investment.
James
Member

Registered: 1st Jun 02
Location: Surrey
User status: Offline
20th Feb 12 at 15:05   View User's Profile U2U Member Reply With Quote

FYI transferring from one ISA to another doesn't use any of your allowance.
James
Member

Registered: 1st Jun 02
Location: Surrey
User status: Offline
20th Feb 12 at 15:07   View User's Profile U2U Member Reply With Quote

Just re-read it, is it already in an ISA? Or just a normal savings account?
Pop
Member

Registered: 8th May 03
Location: Reading
User status: Offline
20th Feb 12 at 19:12   View User's Profile U2U Member Reply With Quote

It's in a normal savings account but we have used most of our allowance already this year.

I'll have a read up on premium bonds as well. Cheers.
strick206
Member

Registered: 12th Apr 07
Location: Wigan Drives:Integra DC5
User status: Offline
23rd Feb 12 at 05:55   View User's Profile U2U Member Reply With Quote

Long time no speak Tim, deposit for a house maybe?
Pop
Member

Registered: 8th May 03
Location: Reading
User status: Offline
23rd Feb 12 at 18:58   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by strick206
Long time no speak Tim, deposit for a house maybe?


Hey mate...

It is a long time no speak. Rachel and I will have had our have 3 years in July
John
Member

Registered: 30th Jun 03
User status: Offline
23rd Feb 12 at 19:18   View User's Profile U2U Member Reply With Quote

Pay a chunk off the mortgage?
Pop
Member

Registered: 8th May 03
Location: Reading
User status: Offline
23rd Feb 12 at 21:26   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by John
Pay a chunk off the mortgage?


A good suggestion. We plan to use the money in a couple of years so won't use it to pay off any of the mortgage.

We have decided to buy premium bonds and see if we win anything.
strick206
Member

Registered: 12th Apr 07
Location: Wigan Drives:Integra DC5
User status: Offline
24th Feb 12 at 19:08   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Pop
quote:
Originally posted by strick206
Long time no speak Tim, deposit for a house maybe?


Hey mate...

It is a long time no speak. Rachel and I will have had our have 3 years in July



3 years, didnt realise it had been so long, musnt have seen you both for at least 2 years then.

I will be moving to oxford soon enough i think, girlfriend lives in reading at the moment, will have to catch up.

Mortgage down there is the aim for me as well, but no idea when that will be
Russ
Member

Registered: 14th Mar 04
Location: Armchair
User status: Offline
24th Feb 12 at 19:26   View User's Profile U2U Member Reply With Quote

put it in apple stock then sell after the ipad 3 announcement

 
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