Hi,

I've got £70k which was to be for a deposit on a house (I'm a FTB) - although before I could move I was proceed out of the market - living in Belfast.

Now, in all honesty finance is not my strongest subject. I want to invest this money so that I can maximise my returns with minimum risk - I worked hard for this money and I don't want to lose it.

Presently the £70k is sitting in a single account in my local bank @ 5.25% interest.

I really don't know how to invest the money. I don't think that I need to have quick access to it as it is for a house and I can't see myself buying in Northern Ireland for a long time at the minute.


So, I've heard of a bank called IceSave, but I know nothing about it - apart from its a UK base for Icelandic banking. I've already got my NS&I account and a stocks based ISA (which got me £10 increase since April ).

What should I be looking at and why are they the best options for me?


Thanks,

Dave.

SAFE OPTION

My opinion (not advice ) would be to firstly split it, hence you are mostly protected on 35k investments in two different UK Banks / Building Societies:

Then lock up 35k in a 1 yr bond with a Nationwide e-bond paying 6.7% (need flexaccount though)

The other 35k could be put into an instant access account such as Sainsburys internet save (you can get a link card) paying 6.25%

(you could get higher rates on instant access with icesave and ICICI (which has now signed up to the UK Banking Code). However, call me old fashioned but I like my money onshore so to speak

RISKIER OPTION

your guess is as good as mine!

I was thinking of ICE-Save or ICICI. However, on another forum I read one poster was complaining of little or no communication from ICICI. ICE-Save looks good though.

I'll need to get the money in soon, so I might plump for an Nationwide a/c.

There is so much to read through though... (: I suppose the devil is in the detail...