Where can I put £40k

[digger_R]

To cut a long story short, I've just had 40k of my cash dropped in to my current account due to a disagreement with a FA regarding a new account I opened a few months ago.

I'm away on business for the next three weekes at least so can't go into a branch or sign any paperwork - what's the easiest way for me to open a decent account (ideally online) so that I can transfer my cash in and start earning interest on it asap.

The only thing I've come up with so far is max out my NSI saving bonds allowance. I await the usual recommendations of give it to me to put under my matress /spend on coke, hookers etc...

[spikeyhead]

give it to me

[V8mate]

What sort of rate of return you looking for?

[isee]

digger_R said:

To cut a long story short, I've just had 40k of my cash dropped in to my current account due to a disagreement with a FA regarding a new account I opened a few months ago.

I'm away on business for the next three weekes at least so can't go into a branch or sign any paperwork - what's the easiest way for me to open a decent account (ideally online) so that I can transfer my cash in and start earning interest on it asap.

The only thing I've come up with so far is max out my NSI saving bonds allowance. I await the usual recommendations of give it to me to put under my matress /spend on coke, hookers etc...

Give it to me to gamble away... I meant to invest through the wonderful thing that is spreadbetting.
Alternatively call your bank and open up a savings account. you dont need to come to the branch for that.

[largerandrock]

Nationwide do an e-savings I think which yo can open online. The bankers will be along soon with a better solution im sure.

[john2443]

List of accounts here

http://www.fool.co.uk/savings/compare-savings-acco...

[Mr Fenix]

Open up a nationwide online E-savings account, should be able to that over the internet and get the ball rolling on some reasonable interest.

Failing that give it all to me and I'll give you back 50k in a year's time...

[digger_R]

Thanks for the wonderful offers to hold my money for me, it's really quite endearing

[turbobloke]

With that size of transfer, even emanating from another bank (presumably) rather than cash, it might be an idea to open an account where you can speak to a human being at a level where discretion is a meaningful concept, otherwise you could have the HMRC or the Black Shadow Economy Team on your case. Any such investigation is better avoided than endured. It can be a random thing depending on the bank and the processing method.

[JonnyV8]

I can give you an account number where it will be very safe.







Promise.

[SpydieNut]

it was only yesterday that i was marvelling at how inexpensive a 2yr old V8 vantage was and thinking, if only i had 40 grand

so, you buy the car, and i'll look after it for you while you're away

[215cu]

This does not constitute financial advice.

I've recently invested in a fund that invests in corporate debt, returns are reasonable (hell, anything over 5% is reasonable), however it returns annually and whilst there are no penalties, it's wise to invest over many years to get the best returns.

It really depends what you want to do with it, long-term (and inaccessible without penalities) or immediately accessible (but with rubbish returns).

40K, well, I'd hive it off into three funds, a little mad money on riskier shares (3K), short-term investment (3-5yrs with moderate risk in more lively funds) (10K), long-term investment (5-10yrs with little to no risk) (27K)

["Torquemada"]

Buy one of these.


Honda Legend 3.5 V6 ADAS. £39,707

I can't think of a more bulletproof investment.

[Cheeky Jim]

I would recommend Close Brothers - www.closetreasury.co.uk - call them up and ask them what rate they will give you on their instant deposit account. For 40k - you will probably get 1.8% and you still have instant access.

Alternatively call their wealth management team and deposit in guernsey/cayman etc

Or stick it under the mattress....

[360 detailing]

I'm sure there is a bank for sale in classifieds for that kind of money, go for it, buy it..............

Edited by 360 detailing on Thursday 19th February 09:15

[172ff]

RBS shares?

[digger_R]

turbobloke said:

With that size of transfer, even emanating from another bank (presumably) rather than cash, it might be an idea to open an account where you can speak to a human being at a level where discretion is a meaningful concept, otherwise you could have the HMRC or the Black Shadow Economy Team on your case. Any such investigation is better avoided than endured. It can be a random thing depending on the bank and the processing method.

Could you possibly elaborate? I don't have any thing to hide but my privacy as is being mentioned on the other thread

[turbobloke]

digger_R said:

turbobloke said:

With that size of transfer, even emanating from another bank (presumably) rather than cash, it might be an idea to open an account where you can speak to a human being at a level where discretion is a meaningful concept, otherwise you could have the HMRC or the Black Shadow Economy Team on your case. Any such investigation is better avoided than endured. It can be a random thing depending on the bank and the processing method.

Could you possibly elaborate? I don't have any thing to hide but my privacy as is being mentioned on the other thread

I'm not involved (as an employee or manager or whatever) in banks just as a customer but with anything over £10k moving about, there's the potential that a bank clerk or automated system will report the transaction under money laundering regs or similar. Lots of people have transferred large(r) sums with no problem at all but £11k has caused major grief. In the example of £11k I know of, imagine being asked to explain the ultimate origin of all monies in all transactions in all accounts you hold or have held in the last 3, or 4, or 5 years that are over £100. Even though there is nothing to hide, the chances of having to do this - consider the time and hassle and the resulting pressure and stress - make it worthwhile in my mind to try and avoid it if possible. Just thought I'd mention it even though it may well never happen.

[AlexKP]

turbobloke said:

digger_R said:

turbobloke said:

With that size of transfer, even emanating from another bank (presumably) rather than cash, it might be an idea to open an account where you can speak to a human being at a level where discretion is a meaningful concept, otherwise you could have the HMRC or the Black Shadow Economy Team on your case. Any such investigation is better avoided than endured. It can be a random thing depending on the bank and the processing method.

Could you possibly elaborate? I don't have any thing to hide but my privacy as is being mentioned on the other thread

I'm not involved (as an employee or manager or whatever) in banks just as a customer but with anything over £10k moving about, there's the potential that a bank clerk or automated system will report the transaction under money laundering regs or similar. Lots of people have transferred large(r) sums with no problem at all but £11k has caused major grief. In the example of £11k I know of, imagine being asked to explain the ultimate origin of all monies in all transactions in all accounts you hold or have held in the last 3, or 4, or 5 years that are over £100. Even though there is nothing to hide, the chances of having to do this - consider the time and hassle and the resulting pressure and stress - make it worthwhile in my mind to try and avoid it if possible. Just thought I'd mention it even though it may well never happen.

I'll echo that. I have been interrogated over money movements - and not always as much as 10k. It actually makes me pretty livid - on one occasion I had to prove to a bank that I had held an account with for over ten years who I was and what I was intending to do with a certain amount I was withdrawing.

I haven't yet had HM breathing down my neck but I was utterly furious a few months back when I went in to Lloyds TSB to withdraw about 5k in cash and the cashier asked me to wait a moment, and then in front of a large line of waiting people a "manager" comes out and asks me if I wouldn't mind stepping into an office for a quick chat.

I know if I had been waiting in line and saw that happen I would assume that the customer being spoken to was wither skint, trying something on, or having his cards torn up. If I was a customer or colleague of said chap I would be worried.

[PhantomHumper]

I've been told I have deep pockets so you can keep it in there if you like?