Where Can We Put This Money?

CatherineT

Hello everyone,

My parents in law live in Greece and want to give us some money to look after for them (about 15k).

We want to put it in an account until things settle down and give them bits and bobs as and when they need it.

What kind of account would be the best to keep it in (immediate access) and does anybody know the kind of implications, tax or otherwise, that may be associated with such a transaction?

With thanks for your help,

C

McKneff

While in a bank account in your name the money legally belongs to you. Any benefits you claim can be affected by this. Hopefully you arent on any but its as well that you know.

Cant think of anything else in Britain, but dont know about the Greek laws ie, if they are breaking any.
Why cant they look after their own money?

CatherineT

Thanks for your help

I think they just want it out of their Greek bank account as things are likely to devalue or there is the worry that the banks will become bankrupt (and no, runs on the banks won't help! ).

Hubby is a higher-rate tax payer so, presumably, there will be some tax to pay on it. We wondered about putting it into our daughter's bank account but not sure it's worth it.

We don't claim any benefits other than child benefit. I don't know what the new regulations will be for that but he earns just under £50k.

xylophone

Why don't your parents simply open an account with the likes of Nationwide International?

CatherineT

Thanks xylophone. I believe you have to have a certain amount to pay in each year for personal banking with them. PIL are retired so won't be able to commit that much.

xylophone

http://www.nationwideinternational.com/accounts/accounts_sterling_bonusaccess.htm
Savings account?

psychic_teabag

CatherineT wrote: »

Hubby is a higher-rate tax payer so, presumably, there will be some tax to pay on it.

If the money's in your name, his tax status is irrelevant (AFAIK).