Best way to invest €5,000?

turkeyboy1990

Hi guys i plan on saving for just a year and intend on spending it then for college accommodation. I have very little knowledge of investments and want a good return without any risks of losing my original amount!

Any advise would be gratefully appreciated. I have a bank of ireland account only too if thats any help.

byronbay2

If it's only for a year and you want no risk, then your only option is a deposit account. As moffo123 said, interest rates are very low so you would be doing well to get a 1% return for the year - i.e €50 interest (less DIRT). I couldn't be arsed looking to see what the best rate is but it won't be much more than that.

gavmcg92

turkeyboy1990 wrote: »

Hi guys i plan on saving for just a year and intend on spending it then for college accommodation. I have very little knowledge of investments and want a good return without any risks of losing my original amount!

Any advise would be gratefully appreciated. I have a bank of ireland account only too if thats any help.

Definitely a deposit account.

Best Rates for Fixed 12 Month Term Deposit Accounts
KBC - 0.75% along with their current account (monthly €2,500 lodgements required)
PTSB - 0.6%

Best Rates for Instant Access & Notice Deposit Accounts
LBS - 0.65%
KBC - 0.65%

https://www.askaboutmoney.com/threads/savings-best-buys.90481/

Arguably the stock market is in a bit of a bubble at the moment and so for a short term play with someone who is quite risk adverse would not be a good idea.

topper_harley2

turkeyboy1990 wrote: »

and want a good return without any risks of losing my original amount!

This is not possible. Those statements in current state of low interests rates are mutually exclusive. If you want 100% capital security, deposit account is your option.

turkeyboy1990

Just for a return of around €24 for a €5,000 investment for a year?

topper_harley2

turkeyboy1990 wrote: »

Just for a return of around €24 for a €5,000 investment for a year?

Welcome to the world of historic low interest rates

If you have any debt, like credit card or car loans etc, your best return would be to pay that off. For example, if you have 2K outstanding on a credit card at 20%, you should use your savings to reduce that, thereby saving yourself interest. However, if you need the money in short term for accomodation, this may not be a runner - just an idea.

9de5q7tsr8u2im

This may sound stupid so excuse me, the pound is low atm right if i transfer all of that now and transfer it back to euro when the euro is low would be great?

Sounds risky

topper_harley2

Josephine Scarce Strawberry wrote: »

This may sound stupid so excuse me, the pound is low atm right if i transfer all of that now and transfer it back to euro when the euro is low would be great?

Sounds risky

Very risky. Trading currencies is one of the most volatile markets you can enter. It involves getting in at the right time, holding for an unknown amount of time, and getting out again. Unless you think sterling vs EUR is going to go absolutely bonkers, I think this is very risky, and any profit will likely be eaten up by FX fees and transaction charges.

It certainly doesnt correspond to the OP's requirement of

without any risks of losing my original amount!

AlmightyCushion

Josephine Scarce Strawberry wrote: »

This may sound stupid so excuse me, the pound is low atm right if i transfer all of that now and transfer it back to euro when the euro is low would be great?

Sounds risky

The problem with that is, who's to say it will go back up? It could go back up or it could stay as is or decrease even further.