What to do with £1001 Watch

ocelotrevs
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#1
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Right, I've come into a bit of money lately. Out of that, I want to save at least £1001 of that.
However, I'm not exactly sure how I can make this money grow. I don't want it too just sit in the bank account not doing anything. But I'm not sure about investing or anything.

So, I ask TSR, what sensible things would you do with this money?
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learner_dancer
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#2
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(Original post by ocelotrevs)
Right, I've come into a bit of money lately. Out of that, I want to save at least £1001 of that.
However, I'm not exactly sure how I can make this money grow. I don't want it too just sit in the bank account not doing anything. But I'm not sure about investing or anything.

So, I ask TSR, what sensible things would you do with this money?
Open a good savings account and put it in there!
Otherwise, if you have an ingenious business plan...
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I Have No Imagination
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I'll give you £5 for it? You don't want to miss out on this deal mate. :awesome:
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neco101
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1001 lotto tickets :lep:

(high interest savings account )

OR

Try buying some shares with it :goodluck:
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Revolution is my Name
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1001 lottery tickets?
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coldfusion
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(Original post by ocelotrevs)
Right, I've come into a bit of money lately. Out of that, I want to save at least £1001 of that.
However, I'm not exactly sure how I can make this money grow. I don't want it too just sit in the bank account not doing anything. But I'm not sure about investing or anything.

So, I ask TSR, what sensible things would you do with this money?
Savings account quick and simple.
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Curly A
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If you dont mind me asking, why £1001?? Why not just £1000??
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Rhys~
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#8
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invest in Rhodium
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TheTallOne
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#9
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http://www.alliance-leicester.co.uk/...1-account.aspx

Want to earn £50 after 1 year?

(Remember to stash it elsewhere after then).

EDIT: http://www.quidco.com/alliance-leice...rrent-accounts

£50 cashback if you sign up through there. So £100 back. 10% interest.
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spikeeleon
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(Original post by Curly A)
If you dont mind me asking, why £1001?? Why not just £1000??
i was thinking that as well

but yeah .... high interest savings account if you are intending on not using that money
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RosePetal
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(Original post by Curly A)
If you dont mind me asking, why £1001?? Why not just £1000??
This
^^

Why the extra pound?
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nuodai
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#12
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Buy 100,100 penny sweets and sell them for 2p each. Repeat daily for a year. Then you'll have a profit of £752285160114114259557558424763 56043660897863406631302098495944 40011971949247113766102920631626 0911095518941151232, which is a net profit of £752285160114114259557558424763 56043660897863406631302098495944 40011971949247113766102920631626 0911095518941150231 (before tax).

Not bad for a year.
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Lover's Knot
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Day trading or invest in llyods plc. they pay good dividends.
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icapturethecastle
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#14
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buy some premium bonds :fyi:
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IWantSomeMushu
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#15
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#15
Go on holiday...
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Anon the 7th
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#16
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ISA?

Investment?
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RNBen
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#17
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(Original post by sandeep90)
Go on holiday...
Yeah, great way of saving money...

:facepalm2:
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The Wicked Wolf
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#18
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(Original post by learner_dancer)
Open a good savings account and put it in there!
Otherwise, if you have an ingenious business plan...
I agree with this lady. A HISA might be your best bet in the current climate. OP, you don't really have much money to play with so your options are limited.

Shares - No way, you have no experience
ISA (tax-free) - Perhaps you could find one paying a decent AER but if you're earning below £4000 probably will be better to find a High Interest Savings Account (3.5-5% AER as an aim)
HISA - See above
Government Gilts [£1 Bonds] - I think it averages out to around 5% AER or something similar?, but of course you could be unlucky and make no interest, or you could be impossibly lucky and win the £1m. I've only just been thinking about this one myself, might invest around £10k into government bonds if I find it to be worth it.

Maybe a few more..
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PJ991
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#19
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raffle your money at £5 per ticket.
You should make more than £1001 in tickets, then repeat.
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ocelotrevs
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#20
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(Original post by Curly A)
If you dont mind me asking, why £1001?? Why not just £1000??
£1000 just seems a bit boring. Also, £1001 is the same as the HP of the Bugatti Veyron.
And it just sounds a bit cooler.

(Original post by Rhys~)
invest in Rhodium
Why?

(Original post by sandeep90)
Go on holiday...
Other part of the money that I've been given is going into the holiday fund. But you have given me an idea, I may put some more of the money into another account, and let that gain some cash.

(Original post by The Wicked Wolf)
I agree with this lady. A HISA might be your best bet in the current climate. OP, you don't really have much money to play with so your options are limited.

Shares - No way, you have no experience
ISA (tax-free) - Perhaps you could find one paying a decent AER but if you're earning below £4000 probably will be better to find a High Interest Savings Account (3.5-5% AER as an aim)
HISA - See above
Government Gilts [£1 Bonds] - I think it averages out to around 5% AER or something similar?, but of course you could be unlucky and make no interest, or you could be impossibly lucky and win the £1m. I've only just been thinking about this one myself, might invest around £10k into government bonds if I find it to be worth it.

Maybe a few more..
I really don't know what most of those acronyms mean. But thank you anyway.
What I will do is go to one of my banks tomorrow, and let them give me a low down on all this stuff.
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