where do I get financial advice?

[petal]

no, premium bonds are a bit antique - deposit account is a good idea.

[willowstar]

ooohh, interesting, thanks all. I will sleep on it and make a decision in the next couple of days. I would absolutely have to tie up the money because if I don't it will be frittered away. I was in debt my whole adult life until May this year and i have been working full time for the last 10 years. So, not good at financial stuff!

Capsid...next year I/we plan to buy a house and start a family. I am relying on OH to get the deposit from his business but we will be sharing the mortgage, bills etc...then hopefully a family which will mean I won't have much coming in, then childcare etc...

so, I am keen to make sure I don't fritter this money which is an unexpected gift.

thanks all for your advice :-)

[BrideXIII]

I'd advise an ISA

best place to put your money atm is believe it or not Northern Rock, now the governement own it it's bullet proof virtually.

[smallblueplanet]

This site suggests that Premium Bonds don't stack up as an investment...The chance of winning the million quid is 18 billion to 1! The lottery is 14 million to 1.

But you don't get to keep your stake playing the lottery! £800 is hardly gonna change your life, but winning the top Bond might!

[Capsid]

But you don't get to keep your stake playing the lottery! £800 is hardly gonna change your life, but winning the top Bond might!

Yes, but the chances of doing so make it a poor investment.

[smallblueplanet]

I haven't said it was a great investment, its £800, waiting to be spent...what are you expecting short term?

[Capsid]

I haven't said it was a great investment, its £800, waiting to be spent...what are you expecting short term?

Hence my question about what are the future plans. Willowstar wants to invest it apparently.

[smallblueplanet]

Hence my question about what are the future plans. Willowstar wants to invest it apparently.

Invest short term. So buy premium bonds for 6 months - what other short-term gamble could potentially offer so much yet cost so little, with so little risk? Unless you invest in the Market, I think gold is a good bet?

[Two_Sheds]

Martin Lewis, the MoneySavingExpert (dot com) was on Radio 2 last week saying that, in hindsight, putting your money in a good savings account for the last few years was the best thing to have done ... better than stocks and shares, better than investing in housing.

Look on his website for the best rates and some pretty sharp advice. Be wary of the forum though ... some nasty characters on there.

[HeyWayne]

Investing should be seen as long term, anything else is just gambling.

[willowstar]

oh you are all so wise! I have had a wee look over on the moneysavingexpert website and got some info on ISAs and savings accounts...so thanks all again for your advice

[SlugLobber]

How did you end up with shares in SL? Are you sure it's bonafide? Sorry if I've missed something, but it seems kind of odd! Assuming it IS al above board, then enjoy! I know nothing of investments - they're all a risk in some way or other!