what do do with £100,000

keeper1

Hi guys i am new to this site, so not sure if i have posted on correct topic?

I have recently recieved a £100,000 payout and i have put it all into one account with my bank.

However i have read at the moemnt, its very bad to have more than £35,000 in an account.

I owe £60,000 on my home but have whats called a cheque book facilty on it, so I can right i cheque whenever i want as long as there is equity in my home. I set this faciltiy up when i was buying houses.

while everything is worrying at the moment, i was think about paying off my mortgage and puting £20,000 into 2 seperate accounts and when this get back normal i can take this £60,000 back.

Do you think financially this is a sensible thing to do n this present climate?

Many thanks

EssexHebridean

Why would you want to take the 60k back? Surely being mortgage free would be preferable?

David_Aston

Pay off your mortgage, and then put the remaining forty grand with Hsbc or some other bank that looks like it will keep going for a bit.

bobbie78

give the money to me? :j

- sorry someone had to say it.

adecor

First make sure you make use of your ISA allowance (£3600 mini cash) & then put the rest into high interest accounts. You are definitely correct about the £35K. If you look on here under banking/saving you'll find out who's offering the best rates of interest for what you want to do i.e. short/long term deposit, ISA's, etc.

[Deleted User]

Pay off the mortgage in full and leave it that way - a brilliant position to be in, you are very lucky and being mortgage-free is something a lot of people on here dream of.
Put £3600 in an ISA like adecor said - Natwest has a good rate of interest at the moment.
Then put the remaining £36400 in a high-interest savings account and reap the benefits.
Then enjoy your debt-free-mortgage-free-saving-high-interest lifestyle! x

getmore4less

Depends on your long term plans and if you need access to the money again.

If not what sort of investments are you considering,

tax free,
pay off the mortgage,
cash ISA
premium bonds
NS index link 3&5 year.

If you might want access then continuing with the offset/drawdown would make sense for most of it then invest the rest.

dimbo61

If you can pay off your mortgage without paying ERC charges then that would be the best thing to do.
If you have a partner/wife/husband then put 2x £3600 into the best paying ISA ( cash ) you can find.
do the same again in april.
Put the rest into the best instant access account and drip fed into any special saving accounts that come up IE halifax 10% regular saver £500 EACH ! a month.
Enjoy being MF and save your mortgage payments into savings or ISA,s or top up your pension ( and save TAX you have paid ) GOOD LUCK