100k what to do with it

[petemurphy]

well almost..

i have 85-90k which is just sat in lloyds account at the mo.

whats the best thing to do with it in your opinion ( bar a 911 )

70k is mine and 15k is technically for my daughter although its sat in the same account at the mo.

we have no debt or mortgage. whilst we have no immediate plans to move we are constantly looking at houses and if the right one came up would want to buy it so the money cant be tied up for too long.

i'm rubbish with money so needs to be easy as does sorting out any tax etc incurred.

are financial advisors worth seeing or do they just sell you commission based stuff?

nothing too risky as it was inheritance so dont want it to disappear on bitcoin.

any advice appreciated thanks

[petemurphy]

PositronicRay said:

In a similar position my IFA was pretty useless. I ended up with premium bonds, a little thrill once a month and quick to access when we found the right house.

that was actually my original thought for it! means no messing with tax, its safe and you never know you may win! although someone will no doubt point out the odds arent great!

any alternatives?

[petemurphy]

Zoon said:

Buy a calculator, 85k isn't 100k

Premium bonds aren't a bad shout if you need quick access, but there are better options for your daughters 15k.
Nationwide are paying 2.5% on children's accounts which is better than the theoretical interest rate on premium bonds assuming you have average luck.

can i put the whole lot in childrens accounts?! or can they just access it at 18?

[petemurphy]

so just having a quick look..

does this make sense:

15k in cash isa
5k in stocks and shares isa
40k in marcus
4,260 in junior isa
3,000 in kids online account ( eg hsbc pay 3% )
rest in premium bonds

only problem with marcus is i'd have to do a tax return? which i hate with a passion. is it worth the effort?

then put 20k of marcus into a new isa in april?

are isa's the best place to put it up to your allowance before considering other options? ie should i always try and use that first?

again should i try and use kids isa's where possible? only downside being it locks the money away ( which at least keeps me off the classified section..)

can i open more than one kids account - eg hsbc on eat 3% for 3k and 3k in tsb at 3.15% etc?

thanks

[petemurphy]

mackay45 said:

That plan looks pretty sensible to me.

On the tax return point, you won't need to do one as confirmed here:

https://www.gov.uk/apply-tax-free-interest-on-savi...

Worth noting you can put your £20k ISA into one account if you want to (could do £20k cash ISA) - unless you do want to have both types for whatever reason. Confirmed here:

https://www.gov.uk/individual-savings-accounts/how...

Edited by mackay45 on Tuesday 22 January 17:00

hmm ok thats cool as the main thing putting me off doing anything with the cash is having to fill in returns.

hw do they know how much interest you are getting to adjust your tax code?

thanks

[petemurphy]

ha thanks!

[petemurphy]

Westkirbyman said:

Rather than worrying about what to do go and buy a 911 and put a smile on your face every day.

i have a wife