What can I invest £500 into? I don't want to blow it all away.... Would like to double it somehow!! Not gambling either, something sensible!!
2007-02-14 21:49:36 · 15 answers · asked by me_me 1 in Business & Finance ➔ Investing
you lot are not very helpfull....
2007-02-14 21:56:54 · update #1
Safe suggestion #1 is to open a "Websaver" account @ http://www.halifax.co.uk/savings/variablewebsaver.asp - current interest rate just gone up to 4.75% per year (if you get the cash card for withdrawals, a bit more without)......... after a year holding it in there, that £500 would turn into £523.75 and after 2yrs (With a little bit of help from compound interest), become worth £548.63
http://www.fool.co.uk/savings/savings-calculator.aspx
Safe suggestion #2 - PREMIUM BONDS
http://www.nsandi.com/products/pb/index.jsp
The minimum purchase is £100 and you can hold up to £30,000 worth for monthly prize draws were you stand a chance of winning (without loosing your initial investment) anything from £50 - £100,000 (or 2x £1million jackpots).
Safe suggestion #3 - INCOME BONDS
http://www.nsandi.com/products/ib/index.jsp
The minimum investment is £500, and according to their calculator you'd earn £1.96 a month on that amount = £23.52 interest a year on it.
Wild stab in the dark - a Halifax "Sharebuilder" share dealing account: http://www.halifax.co.uk/sharedealing/sharebuilder.asp
Allows you to make share purchases with a small commission fee of £1.50 (most others charge you at least £10).
IF you do go for that option, I'd suggest buying a stable UK company that pays out a relatively large dividend fee......... such as HBOS (Halifax's parent company) themselves.
At the current valuation, £500 would bag you about 40 - 43 shares in them........ current annual dividend is 44p a share (and rising each year), 40 x £0.44 = £17.60 and the value of their shares is slowly creeping up in value too....... and you can use that £17(ish) earned back through the dividend payment towards buying a few more of their shares, so you're entitled to a bit more dividend payment the following year.
http://quote.fool.co.uk/summary.aspx?s=HBOS.L&tks=HBOS
Finally, there's this new way of investing I'm trying out after a recomendation in an article at leading financial website fool.co.uk
It can be found at http://www.zopa.com/ZopaWeb/affiliate/?referral=duck1979
Basically it allows you to "play bank manager", by lending out money to other people on the site at interest rates you can choose yourself (+ they also pay you £30 for each friend you get to invest £500 or more, and give them £30 too).
The site was created by the same people who created the EGG brand + have backgrounds formerly working in other financial institutions such as Abbey, Barclays, Tesco finance + others.
2007-02-16 14:20:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You will not double it for a long time unless you do gamble it big time. Best thing to do is to put it in an ISA which is free of all UK tax, and you will usually get 4-5% Interest on it.
2007-02-14 22:03:00 · answer #2 · answered by James W 2 · 0⤊ 0⤋
What products do you know about? Think hard. Then find a good deal on something that you understand and resell it for the price it is worth.
Example, If you know about parrots, buy a whole clutch of baby birds and raise them up a little and sell them. Know cars? Buy one that needs a little fixing and resell it. Figure out what you know about and use that to make your money. Don't do something you know nothing about because you will loose the money and have to consider it the cost of education.
2007-02-14 22:01:04 · answer #3 · answered by Trollkepr 4 · 0⤊ 1⤋
Retirement Savings blocked for yr,( R.R.S.P.) better interest could earn for the future. Any Savings that you don't touch fr many years and will benefits with capital and interest too. Do not even go for any gambling or bad habbits, it's not worth at all.
2007-02-14 22:01:46 · answer #4 · answered by Liz 3 · 0⤊ 1⤋
You should take a look at different bank/building society's to see what offer the best accounts and highest interest rates.
2007-02-14 21:53:32 · answer #5 · answered by richard_beckham2001 7 · 0⤊ 0⤋
Put it in an high interest saving account, like a ISA...
Try Halifax, or Abbey National, they usually do very good rates...
2007-02-14 21:53:47 · answer #6 · answered by ஐ♥PinkBoo - TTC #1♥ஐ 5 · 2⤊ 0⤋
try making money out of money.. save a lil' in bank. say about £250 and the rest £250 u can try buyin some useful stuff which u cud sale later on at a gud price so tht u make gud profits out of it..
2007-02-14 22:07:51 · answer #7 · answered by grandiose_enterprises 1 · 0⤊ 1⤋
banks do not pay a lot of money in interest,unless you leave it in for a long time,stick it on a 2-1 fav and take a chance
2007-02-14 21:59:03 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Invest it on ebay,buy cheap and sell stuff at a profit,but make sure that you that only invest it in goods you have a good knowledge of! good luck
2007-02-16 03:00:20 · answer #9 · answered by Anonymous · 0⤊ 1⤋
into a bank account.
2007-02-14 21:52:00 · answer #10 · answered by Anonymous · 1⤊ 0⤋