Investing money from house while traveling

GlenVR6

HI,

Im in the process of planing a year plus out traveling and I am planing to sell my house and live off the intrest.

what type of saving would best suit me, are is there any way of not paying tax on the monthly intrest???

TA

GlenVR6

Any body know?

CLAPTON

The highest rate of interest that allows instant access
and presumably you need online access so you can transfer money, while you are travelling, to your current a/c
remember that only 35K is protected in case of bank default so you may want to spread the money over several savings a/cs.

If you total income for the tax year (i.e. earnings plus non -ISA savings interest ) is less than your personal tax allowance (currently 6035) then you can register your accounts to receive interest gross by filling in a R85.

Also I would suggest you have a least two current a/cs with debits cards and at least two CCs... in case one is rejected by ATM or stolen etc.

Best if you have a family member to help manage the a/cs too.

a7man

It depends on the amount you will invest, how much will you be I'm guessing you want monthly interest to be taken as income?

GlenVR6

yes as income.

will be approx £180,000

GlenVR6

CLAPTON wrote: »

The highest rate of interest that allows instant access
and presumably you need online access so you can transfer money, while you are travelling, to your current a/c
remember that only 35K is protected in case of bank default so you may want to spread the money over several savings a/cs.

If you total income for the tax year (i.e. earnings plus non -ISA savings interest ) is less than your personal tax allowance (currently 6035) then you can register your accounts to receive interest gross by filling in a R85.

Also I would suggest you have a least two current a/cs with debits cards and at least two CCs... in case one is rejected by ATM or stolen etc.

Best if you have a family member to help manage the a/cs too.

Thanks theres some good info there will look into this R85 form and spread the money in to 35k lumps, would be safer then... dont put your eggs all in one basket as they say...

LongTermLurker

CLAPTON wrote: »

The highest rate of interest that allows instant access
and presumably you need online access so you can transfer money, while you are travelling, to your current a/c
remember that only 35K is protected in case of bank default so you may want to spread the money over several savings a/cs.

If you total income for the tax year (i.e. earnings plus non -ISA savings interest ) is less than your personal tax allowance (currently 6035) then you can register your accounts to receive interest gross by filling in a R85.

Also I would suggest you have a least two current a/cs with debits cards and at least two CCs... in case one is rejected by ATM or stolen etc.

Best if you have a family member to help manage the a/cs too.

This pretty much matches my own thoughts for something similar...

Only thing I'd add, is that you can afford to tie some up in 6 month - and possibly 12 month term deposits. If you stagger the FTDs, you will have a chunk of money available no-notice every month after the first 6 months, and it will be earning more interest. If you choose Kaupthing Edge you'll be able to get at it in an emergency anyway.

Look at setting up a Nationwide flex account and Visa, as the Flex charges no commission on foreign transactions and the visa charges no commission of foreign purchases (but does on cash advances)

The "family member" suggestion is a good one. Actually, they don't necessarily need to manage the account, but ask them if they would be willing to make emergency deposits which allows you to transfer the money back asap.