Help with savings and investments.

[Slipperman]

OK, I have just sold my house and pocketed the profit. After buying loads of stuff I've always wanted I'll be left with £20,000 - £25,000. Depending on which new car and holiday I decide on.

I intended banking it all, at the best interest available. In the future I may decide to start my own company, but not quite yet. In the meantime I need advice as to how to make the most from this money, any suggestions are welcome.
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[altyfc]

How immediately do you need access to the money?

Personally, I would put your £3,000 allocation per annum into an ISA straight away. The Barclays one is one of the best available currently with a rate of 6.5%.

With the rest, if you want it to be easy to access, then I'd go for a high interest savings account. There are lots available - you might like to wait until the next Bank of England interest rate announcement before opening an account (I think that's imminent) as there may be lots of competition for accounts after that, as interest rates are expected to rise once again.

If you are prepared to be patient with how quickly you might need that money, then I would consider investing in shares.

Aaron
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[Slipperman]

I figured I go for the ISA, and Barclays is probably most convenient as I already bank with them.

I like the sound of shares, but isn't that a bit of a minefield? I certainly don't fancy losing any!
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[altyfc]

Shares is a minefield, yes... and you can risk losing as well as gaining. However, the gains can be significantly better than you'd get from a good savings account. Over the longer term, shares typically outperform interest.
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[Slipperman]

How would I go about investing in shares? Is there advice and help available?
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[altyfc]

I use a company called Selftrade. They charge just a flat fee of £12.50 for each buy/sale you make.

If you are interested, I could invite you to sign up for an account. I would get £50 for the referral, and you would to, if you opened an account!

PM me an email address to send an invite to if you'd like me to do that...

Aaron
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[Slipperman]

Cheers alty, what kind of success have you had with them though?
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[altyfc]

Of course, that's going to depend on what companies you invest in through them, and that's for you to choose.

I only started about 6 months ago, with a personal sum in IHG (Intercontinental Hotels). Since then that investment has risen 33.6%.

Now I also have an account for my Ltd. company (I don't have to pay as much in tax if I keep savings in the company rather than withdraw them into my personal savings). I have a little in a very well-known UK supermarket (risen 5.95%), an equally well known betting company (risen 4.37%) and a bank (risen 0.54%). Last Thursday, I also got a little in three other companies, one of which is a mining company which has risen 13% already (because there's been speculation of a buy-out)!

I also have CTF (child trust fund) accounts for my sons, so have 4 accounts with Selftrade in total, and have been pretty happy with them to date. As I say, if you want me to send you a no-obligation invitation, I can do so.

Aaron
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