2 million - Where to save / invest?

[Deleted User]

At least the thread has made me smile today!

Why you'd be bothered with the odd charge here and there for withdrawing money abroad (OP: take a look here: http://www.nationwide.co.uk/current_account/account_benefits.htm) or even with ISAs. I'd be more bothered about my tax situation and future planning as dunstonh says.

freddysmith

Now the drugs don't work
They just make you worse
But I know I'll see your face again

Think thats what Jimmy is saying to Pinoccio

mrsmoneypenny9

Made me smile also, what a goon!

spalding

Excellent bit of research there Cook_County

Bumbles2

Ok, I can understand how it all seems a little impossible but not everyone on here are liars. I have much better things to do with my time other than create a load of bull just to please my ego.

About 2 years ago my parents sold there business and retired. They gave each of there children 100K (my money) and I am a SHE, not a HE.

They decided, on their accountants advice to bank with Barclays Wealth. I have been doing some research and found out Barclays Wealth only offer 4% AER on their savings and the return from Stocks & Shares is not as profitable as it would have been if they had put it in one of Martin's top high interest savings account!
Also, they now generally live in Cyprus although they still have a property in the UK. This means when they purchase or withdraw money using the Barclay cards they are charged a hefty load and APR.

So, my question quite simply was:
Is there any other high interest accounts for such a large amount of money?

You people are so quick to judge? Is it jealousy or the fact that you reallly don't trust anyone at all! And for your information - I decided to use most of my 100K on a deposit for a house!!

jem16

Bumbles2 wrote: »

They decided, on their accountants advice to bank with Barclays Wealth. I have been doing some research and found out Barclays Wealth only offer 4% AER on their savings and the return from Stocks & Shares is not as profitable as it would have been if they had put it in one of Martin's top high interest savings account!

They should have been taking advice form an IFA who specialises in investments and tax planning not an accountant.

Also, they now generally live in Cyprus although they still have a property in the UK. This means when they purchase or withdraw money using the Barclay cards they are charged a hefty load and APR.

Use a Nationwide for foreign withdrawals - no charge at all.

So, my question quite simply was:
Is there any other high interest accounts for such a large amount of money?

Daft idea. Inflation will eat into it if left in savings accounts.

You people are so quick to judge? Is it jealousy or the fact that you reallly don't trust anyone at all! And for your information - I decided to use most of my 100K on a deposit for a house!!

So why didn't you post that it was your parents that you were trying to help? It was pretty obvious from your previous posts that it wasn't you which makes people naturally suspicious of youir motives. If you had posted the correct information from the start you would have got some help.

They need professional help in how to best manage this money.

LongTermLurker

Bumbles2 wrote: »

Ok, I can understand how it all seems a little impossible but not everyone on here are liars. I have much better things to do with my time other than create a load of bull just to please my ego.

About 2 years ago my parents sold there business and retired. They gave each of there children 100K (my money) and I am a SHE, not a HE.

They decided, on their accountants advice to bank with Barclays Wealth. I have been doing some research and found out Barclays Wealth only offer 4% AER on their savings and the return from Stocks & Shares is not as profitable as it would have been if they had put it in one of Martin's top high interest savings account!
Also, they now generally live in Cyprus although they still have a property in the UK. This means when they purchase or withdraw money using the Barclay cards they are charged a hefty load and APR.

So, my question quite simply was:
Is there any other high interest accounts for such a large amount of money?

You people are so quick to judge? Is it jealousy or the fact that you reallly don't trust anyone at all! And for your information - I decided to use most of my 100K on a deposit for a house!!

I am in the enviable position of having 2 million to invest or save. I'm not really a stocks and shares player (mainly because I don't understand it), I much prefer the high interest savings account route. I have my full quota of premium bonds and mini cash isa and my home is mortgage free.

Apologies if I'm also jumping on the bandwagon of disbelief, but your OP was very personalised - "I have £2m to invest... I aren't keen on stocks and shares... I have a mini cash ISA..." The last one in particular would have no relevance whatsoever if it was your parents' money.

As Jem16 says, rather than asking what you should do, they should go speak to an IFA (on a fee basis, I suspect).

purch

I have read Martins banking and savings page but I am wondering if there are any other routes or accounts for such a high amount of money?

I'm not sure the 'saintly' Martin is aiming his advice as someone with 2 bars in the Bank

There are literally hundreds of Private Banks, Wealth Management firms and other assorted individuals who would love to take a piece of your action :eek:


http://www.towrylaw.com/private/default.aspx

http://www.hsbcprivatebank.com/services/wealth-tax-advisory.html

http://www.ubs.com/1/e/wealthmanagement.html

http://www.closewealth.co.uk/ourservices/individualinvestor.cfm

http://www.fisherwealthmanagement.co.uk/

To name but a few......

reduce the fees

:rolleyes:

I doubt whether any of them would be looking to do that for you...

You have £ 2 mill, and you are worrying about a couple of quid in charges :T

Maybe you should give it to charity and save all the worry :rotfl: :rotfl: .................some people just arn't cut out to have ££££

greenface

Glad you have sorted your Mini ISA out well done you:T

siross2203

Hi there,

Whether you are telling fibs or being genuiune i dont think there is need for people to just take the p1ss and not actually offer much help.

My dad has that sort of sum of money in a bank account and that is with Lloyds TSB in Jersey for obvious tax reasons. This also comes with a private personal banker who has the ability to inves his money should he choose.

A lot of his money has been invested in land where he lives (crete) and has assets in the uk and abroad in the form of houses, so i think the best way to really invest your money is to spread the risk, lumping 2m into one savings account or buying into one fund would be riskier than having maybe a few houses (prob not a good idea atm - but thats up to them) to rent, and lose a bit on capital gains and income tax for the rent, also if living abroad, look into developing holiday homes or buying land because people will come sniffing, depending on location.


What you will probably find that by going to private banks with high thresholds on the minimum amount to pay in as an investment, you will earn higher rates of interest and be able to simply live off of those gains.

However... it would always be good to speak to an IFA rather than an accountant depending on how good an accountant they are!

Hope this may help in some way.