5k?

[chipsplease]

i have 5 grand that i need to put into some type of savings account. i am happy to put it away for 3-5 yrs.
where should i be looking?
any ideas would be really appreciated!

[typicalvirgo]

Do you already have ISA's ?

If not that would be my first thought.

[Fayrazzled]

Well, you need to make sure you get a decent sum on interest otherwise the value of your deposit will decline over time due to inflation.

Do you want savings rather than an other type of investment? Have a look at Martin Lewis' Moneysavingexpert website for ideas of 'best-buy' savings accounts.

[chipsplease]

no i dont have any isa's.
im not too sure what the difference is between saving and investment.
i want to have zero risk tho.

[CogitoErgoSometimes]

As you don't have a Cash ISA and you want zero risk then my answer from the 'Money' board - bonds or Cash ISA - is the way forward. If you deposit £5000 in a Cash ISA before April 5th you can add to it in 2012/13 with up to £5,640. Interest is tax-free

Savings are usually cash deposits that earn a predetermined rate of interest. You're unlikely to get rich putting your money in savings but you're not going to lose your money either.

Investments usually involve buying stocks and shares or units in managed funds with an investment company. These are more 'risky'. Risk, in financial terms, means that your investment can go down as well as up. They are better held for the long-term - 10 years plus - to iron out any ups and downs in the market. You can get rich if you pick the right ones. You can also lose money if you pick the wrong ones. If someone had £50,000 rather than £5,000 and if they were OK with a little risk in the hope of getting a good return, they might split it 50/50 between cash deposits (savings) and investments.