Is it worth doing anything with £1000?

[Owt]

I have £1000 spare that I don’t need to touch for a while (hopefully). I have other money available.

Is it worth doing anything with £1k? I’ve been looking at savings accounts etc and a year returns tends to be around £50?! Doesn’t seem worth it? Would you bother?

Casino red or black? 50/50

My ex husband was addicted to gambling. Not me.

Yes I would bother £50 is £50.

I think I’d book myself a nice break for the sake of £50 😂

😆

Where are you finding £50 return? I’d bother.

Whoops sorry @Owt didn't see your post when I was laughing.

But yes - put the £1k in savings if you're not spending it. I mean why wouldn't you?

NatWest, they give 5% but you can only save £1800 in a year. That gives £50 return.

My goodness OP this sounds like a stealth boast: £50 is a lot of money to some people and a spare £1000 is something some people can only dream of.

If £50 interest is too paltry for you to bother with why dont you consider picking a worthwhile charity and then you could donate it to that at the end of the year

I would stick it in the account and maybe see if you can add to it each month. Quite a good discipline. If you use a 1 year fixed account you might get better interest.

How long until you need it?

If 5+ years I’d put it in a S&S ISA invested in a global tracker fund.

Otherwise, a high interest savings account - look at money saving expert for the best rates. Holding for a longer period can give a better rate.

Oh come off it. Yes lots of people don’t have £1k spare, but it’s not actually a huge amount of money!!

That said, I’d have to keep £1k in my current account as I’m having a bit of a cash flow problem right now and £50 in a years time is not a great option! 😂 so not much help OP.

I’d buy £1000 worth Premium bonds OP. Chance of winning upto 1million every month, I’ve had £900 for less than a year and won £25 last month

A stealth boast? £1000 is a broken boiler away from £0

Dont be silly

Add it to your emergency savings.

Nationwide have some long term savings accounts with guarantee interest. So lock your money away for say 18 months and get a good interest rate which won't drop. Think its 5%?

Premium bonds. Chance to win and all money back any time you want

I don't really understand the question. You have £1000 you need to keep it somewhere - you may as well put it wherever gets the best interest. Is the question about locking away vs access?

I was also going to suggest premium bonds.

Premium bonds?

Yes. The best interest rate I’ve found is 5% but that is limited to £1800 a year. ISA allows you to save more but I don’t know if I’ll be able to save much more and then the money is locked away

If it were me I'd probably book a nice weekend/short break away somewhere. 1k should cover everything including spending money.

Or add to emergency savings as pp suggested, just I'm case you end up needing it for something.

Yes but those of us without £1000 also have boilers, we’re a broken boiler away from -£1000!

Just stick it in a savings account until you need it, surely.

Put it away for emergencies in best interest rates you can get.

I was brought up on the " save the pennies and the pounds will take care of themselves" approach to life.

So yes I make sure every " spare" pound is in the best available interest bearing account.
That's how it grows into something " worthwhile". Eventually.