Best place to put £100,000 for around six months.
Discussion
Hi all, first time in the section so please be kind!
Selling my house in a week or so and won’t be getting the new house until April/May time (yep just in time to pay stamp duty on it!).
I have just over £100k worth of equity and wondering if there is a best place to put the money.
There can be zero risk as if i lose money I can’t afford the new house, yes I understand this will restrict me to minimal returns.
I need to be able to get to the money at a moments notice, although if it makes any difference I definitely shouldn’t need it until end of February absolutely earliest build date for the house.
I currently bank at the Nationwide if that makes a difference.
Any thoughts?
Selling my house in a week or so and won’t be getting the new house until April/May time (yep just in time to pay stamp duty on it!).
I have just over £100k worth of equity and wondering if there is a best place to put the money.
There can be zero risk as if i lose money I can’t afford the new house, yes I understand this will restrict me to minimal returns.
I need to be able to get to the money at a moments notice, although if it makes any difference I definitely shouldn’t need it until end of February absolutely earliest build date for the house.
I currently bank at the Nationwide if that makes a difference.
Any thoughts?
condor said:
I would go with £50K in premium bonds and the rest in the Saga easy access account currently paying 0.7% interest monthly back into your usual bank account.
There's a really horrible reality which is that you can do that and you'll get about £350 over six months for your troubles.Of course that's not to make light of the fact that £350 is £350 but it's just depressing how crap interest rates are on short term deposits.
Sheetmaself said:
I assume there is no way of gifting someone i trust £50k and getting them to get some and then them gifting back to me without tax implications or similar?
Do you have a wife or children? Definitely premium bonds a couple of wins outweighs the tiny interest you would get and you could land a whopper. Sheetmaself said:
No wife, no children.
Was thinking about gifting to my parents or sister.
Why? Might as well leave it in the building society/bank. Whilst the FSCS limit is £85,000 there are special rules for the proceeds of house sales, up to £1m I think.Was thinking about gifting to my parents or sister.
Might drop a few grand in the event of the worst happening.
Spread it around a bit.
NS&I rates have just gone to crap. Premium bonds worth a punt.
I’d bank (or equivalent) £95,000 of it. Then speculate with £5,000 of it in IM’s PHR fund.
I too have proceeds from house too, and waiting for something to appear locally where I want to buy.
Everything is sat in sold STC, hoping for half of them to be back to market in March and can take my pick :-)
NS&I rates have just gone to crap. Premium bonds worth a punt.
I’d bank (or equivalent) £95,000 of it. Then speculate with £5,000 of it in IM’s PHR fund.
I too have proceeds from house too, and waiting for something to appear locally where I want to buy.
Everything is sat in sold STC, hoping for half of them to be back to market in March and can take my pick :-)
I'd be £50k in to Premium Bonds as nothing to lose if you don't win a prize before you need the money back out.
I note you say zero risk, however, if you hold/ have held shares and know what you're doing then £5k in to 1-5 companies that you think look currently undervalued in the short term and keep the rest of the house sale proceeds in a deposit account.
I note you say zero risk, however, if you hold/ have held shares and know what you're doing then £5k in to 1-5 companies that you think look currently undervalued in the short term and keep the rest of the house sale proceeds in a deposit account.
anonymous said:
[redacted]
There is no such thing.For all you know uk gov will just take everything over £50,000 as a one-off wealth tax due to “covid19”
And whoever is doing this deal for next year, that might all change.
Each to their own. I’m in a similar position and I’m not risking my money but I’m yielding more.
Gassing Station | Finance | Top of Page | What's New | My Stuff