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?

I’d suggest premium bonds because whilst they don’t make “sense” from an interest point of view, the psychology behind them means my lump sum is much more likely to say intact.

if I have a big month spend wise, I don’t mind moving money out of savings because it’s only going to be worth pennies that month in interest. But if I have to dip into premium bonds- that £100 was the one last month which was going to win me the million. Might be illogical, but it works for me!

This is more ‘real life’ post compared to posters complaining about the raise in little Apollo’s private s hood fees, where can their find a summer dress for around £300, which power supply for the new SUV, how much should their tip the cleaner at Christmas.
Yes, many many times in my life £50 seemed like a distant dream and I’m very happy that the original poster has some cash to save, no matter how much!

Vanguard.

Premium bonds have their place, whatever your income. If it’s a choice between putting £1K in a savings account to gain a guaranteed £50 after one year, or the minuscule chance of winning big with PB’s with £1K worth of bonds, I would do the latter. You don’t lose your ‘stake’. But the must powerful way to make money is with compounding.