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Legal, pensions and money

A good investment ?

(78 Posts)
f77ms Sun 29-Jan-17 08:48:30

My DM died some time ago and left some money to my sister an I . After I have done all the repairs/improvements to my house which are needed I will be left with about £10,000 . I am 65 and retired on ill health a few years ago so no future means of earning any money . I get a basic pension plus some pension credit atm which will stop when I receive my inheritance . I am completely clueless about investments etc but have always been very sensible with money - no credit cards or debts to pay off but I guess in some peoples eyes I do live a bit hand to mouth , never treating myself to much and buying mostly second hand good quality stuff for myself and the house . Any ideas on a good way to invest this amount of money which would have a reasonable return would be welcome xx

Elegran Wed 05-Apr-17 21:27:12

Some current accounts pay 3% interest if you keep the balance up to £3000, above that they pay no interest. If you could open three or four of these with your £10,000 and keep them going you would get more than if you took out an ISA. 3% of £10,000 is £300, an amount worth having. Have a look on the Money Saver website.

They do have a minimum pay-in per month of £500 or £1000 - but it can be the same money going from one account to another, round and round. Half an hour spent opening online accounts and working out a system of Direct Debits and setting them up will get it all working.

The Banbk of Scotland at the moment pays 3% interest on amounts between £3,000 and £5,000 and you can have up to three accounts - but they have just announced that as from 11th June it will only be 2%, on amounts between £1 and £5000. Even that is better than an ISA!

mcem Wed 05-Apr-17 22:20:41

My daughter's engagement ring cost £2250 16 years ago. She wore it for a year but the relationship ended.
She decided recently to sell it and when I took it to the jeweller who sold it to them, I was offered £200 for it. Another jeweller offered the same.
Not such a great investment!