ChatterBank13 mins ago
Short term investment ideas
10 Answers
A freind of mine has recently inherited �20k. As she does not immediately need to use this money she is looking for the most effective way of investing this money.
She does not currently own any property and, due being a student is probably not in a position to buy anything immediately, although, she would like to use the money eventually for a deposit on a flat.
She has no debts and is currently able to cover her living expenses.
Any ideas?
The investment would have to be relatively low-risk
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Almost any investment involving equities (stocks & shares) involves risk, and often far more risk than the sales blurb indicates. I would advise her to stick to conventional savings accounts. For instance, she could put �3K of the �20Kinto a Building Society tax-free, non-equity, mini-ISA; and if the rules remain the same could put further lump sums of �3K per year into the same or similar ISAs in subsequent tax years. She could then put the remainder of the �20K into into an account like ING Direct or Sainsbury Bank, each of which each offer a reasonable interest rate (currently 5% gross) with immediate withdrawal, and next to no risk.
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