Grand investments

By THIS IS MONEY
Updated:

 

Where can I invest £1,000 short term for a short and fast return? MS, Immingham.

Justin Modray of independent financial advisers Chase De Vere says: I'm tempted to say put it on the dogs but being realistic you will almost certainly want a low risk investment so for the short term you have little choice but to put it in a bank or building society savings account, ideally a cash Isa so you get any returns tax free.

What is more cash Isa rates tend to be better than the rate on non Isa savings accounts. You should be able to get around 7% -- see table on this site. To get better returns you would need to take more risk such as putting the money into some kind of stock market investment but this can be volatile so you need to leave money invested for at least five years in order for the ups and downs to be ironed out. If you cannot invest for this sort of time steer clear of the stock market.

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