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Losos
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17-06-2012, 12:22 PM
11

Re: help please!

Originally Posted by kim1961 ->
Do you think investing long term is a good idea now? Are rates likely to rise ...I suppose its a guessing game isnt it?
So far as interest rates are concerned, by which I mean BoE bank rate, there's not much guessing involved, they can't go down anymore 'cos they are about zero now

The other definite is that this recession will not be like any other in living memory, which means the recover will not be quick, we are in for a long period of gradual growth improvement and it will be a good many years, maybe even a decade, before interest rates are at 5 or 6 or 7%

I would also avoid the IFA route as well, they will ask you hundreds of questions about your income, lifestyle, risk profile, and much more, at the end they will recommend investments which either are tied (ie those of his/her employer) or his/her 'best guess' if they are truly 'independant' and you will pay either way.

There is an old saying on most of the finance chat forums which is DYOR (Do Your Own Research) and IMO opinion that is the best advice I can give you. Everything is on the net now, it just takes a little time and a calculator to work it out.

Finally, yes the stock market is a dangerous place ( I could write a book) but you might want to at least think about a FTSE100 company that has been around for a 100 years or more, pays a good dividend, and makes something everybody wants in good times and bad. Obviously no suggestions from me

Good luck with your task and hope you daughter does well.
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17-06-2012, 04:42 PM
12

Re: help please!

Vegas baby!







I'm so sorry, I couldn't resist.
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17-06-2012, 05:44 PM
13

Re: help please!

Definitely a cash ISA with the 5640 allowance. You cant lose and it is tax free. You won't make a fortune wherever you invest but its important to keep the capital safe.
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18-06-2012, 05:51 AM
14

Re: help please!

Gosh you are ALL so kind. Thank you very much. Its such a small amount of money and yet it feels like such a HUGE responsibility to get it right!!
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18-06-2012, 07:10 AM
15

Re: help please!

I would look for a fixed term bond which is tied to the stock market but guarentees a minimum pay back. HSBC and Barclays used to do them. As others have said the low BoE rates do not help and unless you know what you are doing steer clear of shares.You dont have enough to invest off-shore which could pay back the most interest.

Failing that take out an ISA.
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18-06-2012, 09:18 AM
16

Re: help please!

Originally Posted by kim1961 ->
Gosh you are ALL so kind. Thank you very much. Its such a small amount of money and yet it feels like such a HUGE responsibility to get it right!!
Just a little thought Kim - If you decide on something other than an ISA (which is tax free) make sure that you ask for a form to fill in to declare your daughter is not a tax payer, otherwise they will deduct tax and this 20% tax deduction from any gains can make a big difference.
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18-06-2012, 11:31 AM
17

Re: help please!

Originally Posted by Aerolor ->
ask for a form to fill in to declare your daughter is not a tax payer
Yes absolutely right, she is not liable for tax at her age, but don't expect the bank, or who ever you use, to think of that, you have to tell them, even tho 'it is blee**n obvious to us, but then again we are just mere mortals, not finance whizz kids earning mega bucks
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18-06-2012, 08:50 PM
18

Re: help please!

I think premium bonds are the business, mine are doing so much better than my savings account and the isa. Rarely a month goes by without them coming up.
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Losos
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18-06-2012, 09:29 PM
19

Re: help please!

Originally Posted by Willow ->
I think premium bonds are the business, mine are doing so much better than my savings account and the isa. Rarely a month goes by without them coming up.
Flippin heck, we've had some for over 25 years and only ever had one win
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20-06-2012, 03:08 PM
20

Re: help please!

Originally Posted by Losos ->
Flippin heck, we've had some for over 25 years and only ever had one win
Mine have come up twice this month so far.
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