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Best Option for inheritance money

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adammostynsmith
adammostynsmith Posts: 8 Forumite
in Savings & investments
Hi all, im 21 years old and in University. I have just inherited £25,000 and i would like to put it into a low-medium risk savings for only 1 year untill i emigrate. I would apprciate it alot if you could point me in the right direction. I dont really want an active involvement in the investment, as I will be in the last year in uni and need to concentrate.

Thanks in advance. Adam

Comments

  • dunstonh
    dunstonh Posts: 119,662 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    would like to put it into a low-medium risk savings for only 1 year untill i emigrate.

    No you dont. Any such investment would be extremely high risk. Investments are for 5-10 years at least. Not 1 year.

    Stick to savings.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • adammostynsmith
    adammostynsmith Posts: 8 Forumite
    ohhh so just as in a bank account??
  • sdooley
    sdooley Posts: 918 Forumite
    Savings accounts are likely to be the best but your biggest risk if you are leaving in a year is exchange rate movements. If you set up a savings account where you are going (or with a UK bank but in that currency) you could transfer your money over in installments - some transfers will get better rates, some worse, but you won't find you have to move it all over just after a plunge in the pound.

    Have you got a job set up abroad? Exciting, but I don't really have the skills with languages.
  • adammostynsmith
    adammostynsmith Posts: 8 Forumite
    hmmm i dont really understand what you mean lol.. im going to canda. At the moment i have a current savings account with HSBC, and one ISA which i am not using. I recieved the cheque last week and have not done anything with it so far.

    Is there any way i could get ensure that i get the best exchange rate?? I know that when i visted Canada, i got a better exchange rate when i took english money over and then changed it at a Canadian Bank (TD Bank) than if i changed it over to Canadian money in a UK bank (HSBC).
  • adammostynsmith
    adammostynsmith Posts: 8 Forumite
    so you think that i should invest it in this country for a while and then tranfer if over?
  • Jake'sGran
    Jake'sGran Posts: 3,269 Forumite
    You could put it into a fixed rate bond for one year. Some are paying over 7% but you must leave it for the full year or there is a penalty to pay. Then decide how much to take after that.
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