Investing my fortune

[Sphinx_Svens]

I know I should consult a professional, but I thought I'd try here first ...

What's the best way to invest, or use my �30,000 to make me the most money on a monthly basis ...

Begging letters is not one of them :-(

[halfadaily]

Take out the maximum holding of premium bonds (�30k). Although it can be a gamble the return should be similar to what you would get in a building society. This should return you about �900 pa. Of course you may not get anything or you may get one of the big prizes. It all depends on whether you want to take a risk or not.
also you can get all or part of your money back at any time.

[Sphinx_Svens]

Thanks for your answer ... unfortunately I had to claim on my life insurance after an episode of cancer and the 30k is what I have left after buying 30k of Bonds already ... good answer but I've done that ... thanks

[Dizzieblonde]

Could you put it in a high-interest account? One where you can't withdraw it without 30 days or more notice usually has the highest rates of interest. Investing in the stockmarket could be an option too, but it's a bit riskier. An advisor at your Bank should be able to discuss it with you.

[khana]

If you feel like investing in the stock market, then I would recommend fund management, where the risk of loss is greatly decreased due to your money being invested along with everyone elses in a spread of stocks and shares and managed by professionals.

Buying individual shares yourself is risky unless you know what you are doing.

[newquizzer]

If you do not want to tie your money up why not open an account with ING Direct, IF or similar which offer 4.5% Gross, a bit less for monthly income.

This way you get instant access as well as reasonable interest with no exposure to stock market risk etc.

[dancecaller]

Have you got a mini cash isa?

[Sphinx_Svens]

dancecaller ... I thought you could only deposit 3000 pounds a year in a mini cash isa .. i have 30000

[WendyS]

Well, one big "DON'T." Don't invest in any With Profit Bonds. They are not transparent investments and you are likely to lose some of your capital by having a penalty stamped on it, even though with some of them you can withdraw a certain small percentage (around the Retail price Index of about 3.5%) per annum tax free.
If you need a monthly income, virtually the only viable option would seem to be a high interest deposit account, the best of which are paying between 4.8% and 5% per annum. I'd still transfer �3,000 each year into a cash ISA while they still exist as at least that part of your investment income will be tax free. You could invest �7,000 a year in an Equity Income Unit Trust ISA, buying income units, but that is a stock market investment and with the stock market currently volatile, it would be a risk. If you need to be totally risk free, and you want to take a monthly income, it will have to be a deposit account of some kind.
Best to get an IFA. A bank will probably only recommend their own products which will not necessarily be the best products on the market.

[horty]

Why not put it in ICICI bank they pay 5.15% gross?