inheritance

shornoff

I have just inherited a ton of money. I'm 63. Where do I invest it for shortish term max gain?

datostar

Try Ladbrokes

googler

Many banks will offer you a Fixed Rate Bond for 1 or 2 years, giving you maybe 2, 3.00% return on your money.

Only you can decide if this return is worth you not having access to the money for that time.

Probably best not to put it all in one of these

shornoff

Thanks everyone. I was wondering about Corporate bonds or the stock market but have little understanding of how they work.

yelf

shornoff wrote: »

Thanks everyone. I was wondering about Corporate bonds or the stock market but have little understanding of how they work.

The corpoarte bond market is very likely to be high in a bubble. Short term has to be cash.

But seeing as you havent said what "short term" is or how much "a ton" is - i cant see how you expect any real help.

shornoff

Short term is a year. Money is £50,000.

Thrugelmir

shornoff wrote: »

Short term is a year. Money is £50,000.

Maybe a longer term perspective would pay better dividends. (Forgive the pun)

Rob_192

shornoff

Your personal circumstances need to be known before anyone can give you proper advice on this. If you have any debts, mortgage etc then you would almost certainly be better off paying those down first.

At 63, you might also want to look at this money as part of your retirement fund. How are you fixed pension wise? It might well be worth placing this money in a pension to get the tax relief on it and then use the money to buy an anuity for retirement. Depending on your income, you may need to do this over several years, but certainly worth looking into.

You need to decide how long you are prepared to tie up this money. If, as you have indicated, a year, then the only sensible thing is a savings account. About the best you can get at the moment on an instant access account is 2.80% with the AA, but there is always the Lloyds Classic Vantage Account, which is basically a current account but will pay 4% on balances between £5k and £7k providing you pay in £1k/month. You can open up to 3 accounts as an individual, so you could get £21k in there. If you're married your wife could also have 3 accounts and I gather you can also have ajoint acc, so you could get £49k in there and then have a single £1k being bounced arround to satisfy the £1k/month condition. This might sound complicated but once set up it would pay handsomely.

If you can look longer term then you can get close to 5% with some institutions.

I would also consider recirculating money into regular saver accounts - there are various paying 4% and First Direct pay 5% (providing your a current account holder)

The important thing to recognise is that if you want to maximise the return on your money in these megre times, you will need to put in a bit of effort.

R

shornoff

Thanks all. Especially Rob 192. That's helpful and will keep me occupied in my dotage (thanks VanillaVanilla!) Good advice.