What to do with 130 grand

Hi guys

I am just about to come into 130k (UK sterling) from my house sale, and as I plan to rent for the next 6 months or so I wondered what would be the best thing to do with it

I am a high rate tax paayer but my wife doesnt work - so I was thinking of just sticking it in a bank savings account in her name - I may need fairly quick access to it if and when I buy another house.

Are there better options than this - if not whats a good savings account to put it in (I am a halifax current account holder)

Cheers, thanks for any advice

Reply to
Butane Bob
Loading thread data ...

Halifax Web Saver pays 4.05% on 1+ and on-line withdrawals can be made conveniently into your Halifax current account.

ING Pay 4.30% but not heard very good reviews about them.

formatting link
pay 4.35% on their cash ISA (max 3k per person per tax year subscription). They are part of the HBOS group of companies (as is Halifax).

Reply to
Orange Alert

They work just fine now, after some teething troubles.

Hint for OP - for maximum security, put no more than 35k in any one institution (70k if it's a joint a/c).

Reply to
GSV Three Minds in a Can

how do you mean?

ie if i put all my money in a halifax websaver and either I get defrauded or halifax go bust surely i wouldnt lose anything would I?

Bob

Reply to
butane bob

If you get defrauded you lose everything unless it's the bank's fault, in which case you lose nothing.

If tha bank goes bust, it will be bailed out by the government, and you will get back at least 100% of the first £2k and (?)90% of the next £33k. As for the rest, you become an ordinary creditor, which means you could lose all of it.

Reply to
Ronald Raygun

ouch

Reply to
butane bob

Bitstring , from the wonderful person butane bob said

The first 35k per depositor is guaranteed (100% of the first 2k, 90% of the next 33k) After that you are on your own (well, in line with the rest of the creditors).

c.f. BCCI (remember them) . .as several large councils found out to their cost. Of course, when you have mult-mega-$ to deposit, the deposit guarantee scheme is not much help (but you are supposed to have enough resources to keep your own beady eye on things).

Reply to
GSV Three Minds in a Can

Article in today's Financial Mail section of Mail on Sunday about BCCI makes interesting reading

Reply to
David Kent

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.