Still reading up on things, came across Premium Bonds which I actually had when I was younger. I do want the money out of the way of temptation but accessible if it is needed, until I make a decision about long term investment is this a good temporary measure?
The effective APR on premium bonds is pretty poor, but as an alternative to a straight cash ISA they compare OK these days with the poor interest rates on those, and the limit is much higher than an ISA too. You might want to look at the 5% regular saver from Nationwide I mentioned before as well. You do need a current account with them too in order to be eligible for that. You can put in £500 a month though.
There isn't anything wrong with Premium Bonds if you just want the cash 'out of the way'. I'd say to people look at the Santander 1-2-3 account, but mine was such a total pain in the arse to actually set up, I really wouldn't bother... Then, to top the entire glorious episode off, they got Barclays to cancel my main account and credit card when I made the inital payment even though id listed in the account details in the flipping application.
Quite a few people do this for a bit of fun. You don't win in the first month, and iirc it takes about a month to get the money out, but they are absolutely safe as a place to keep cash. There are calculators (money saving expert I think) that give you an idea of *possible* winnings against how many you buy.
You'd be insane to do any daytrading - look at the wallstreetbets subreddit and you'll get an idea of the mentality around it. Premium Bonds do seem to serve the purpose you are looking for but it's not great returns if you end up with the average or under.
Instead of starting a new thread I though I might necro this one. I need some help. I want to by some shares in an American company but I have never done anything like this before. Could some one with experience walk me through it please and maybe give some broker recommendations, if one is needed at all. Thanks.
