Making the most of �1000

[Quoi]

Hi everybody - ihave had the good fortune to have 'aquired' �1000 and have decided to increase it by as much as possible over the next year. What do you think is the most profitable way to use this money?

[factor-fiction]

if you are a taxpayer who would pay tax on interest, don't save it...pay off part of your mortgage

[factor-fiction]

or pay off any other high interest debts (loans/credit cards)

[Quoi]

Thanks for that but I wanted to have some fun with it & want to increase it rather than spend it - I dont have credit cards or anything else that is costing hig interests but even if I had I was hoping to increase by more than that.

[factor-fiction]

You could invest in speculative investments (OICS, precipice funds) and there is potential for big rgains but you might also lose most of your money

[joe208]

Hi Quoi

With the Credit Crunch Crisis it seems as published in the Guardian that this is a good news for savers. I seen some good rates for fixed rate savings account, some as high as 6.80% gross.

Just google best fixed rate savings to check out the latest deals, but please remember this means that you won't be able to touch the money until the end of the term of the account. But the rate will be fixed for the term.

[Markandshez]

�1,000 is a lot of money to us but, in the scheme of things it's actually very little and won't attract a good rate of interest. I'd be tempted to buy premium bonds and hope you win something in the year. At least if you don't you won't have lost anything.

Why not put �500 in a high interest account and �500 in premium bonds - see which wins (probably the high interest account but you can never be sure )

[CushtyFred]

Take it all down your local casino and put it all on 13 black. You can't go wrong.