Investing or saving a large sum

Richard2012

Hi there

I am about to come into a relatively large sum of money (£1m+) from the sale of a house.

I am looking for advice or tips as to the best way to invest this over the medium term (3-5 years) in order to gain the best income from interest or overall value. This will be until we are able/ready to plug the money into property again.

We are looking at the HSBC Premium account, but know that there may be other options.

Any advice, warnings, tips would be welcome.

Thanks so much in advance.

droopsnoot

I would think your main issue with the account you mention would be having it in a single place, given the limit on FSCS compensation. If you opt for savings, you need to consider spreading it around multiple financial institutions to keep the balance in each under the £85k limit.

(Note, I know nothing about that specific account, just savings in general are protected to that limit, though you can double it for joint accounts).

simonfitba

I agree with gadgetmind. Steer clear of dodgy get-rich-quick schemes.

Richard2012

Thanks all! Good advice - I think a split goes without saying, but was just wondering if there were any notable high interest accounts around.

Cheers.

Piratipper

Make sure you use up your ISA limit

tradecarbon

gadgetmind wrote: »

I suspect the word "guarantees" should carry a footnote saying "Not a legally binding guarantee."

Guarantee is based on the fact that the minimum floor price is fixed by the government.

simonfitba wrote: »

I agree with gadgetmind. Steer clear of dodgy get-rich-quick schemes.

There are always people like you simonfitba, quick to comment when you know nothing of the project. There is a FREE report with full details available upon request.

Richard asked for advice so just passed along some information. HSBC 3.3% is peanuts compared.

If it isn't of interest fair enough.

gadgetmind

tradecarbon wrote: »

There are always people like you simonfitba

And for that, I for one am grateful.

HSBC 3.3% is peanuts compared.

It is, however, risk free return guaranteed by the Financial Services Compensation Scheme.

If it isn't of interest fair enough.

If it's such a good scheme, with such good returns and cast-iron guarantees, why do you need relatively small-time private investors to fund it for you?

OK, so maybe we're crusty old cynics, but TBH that's a key part of being a successful investor.

gadgetmind

Here is a little more information on carbon credit trading for those who wish to know more.

http://www.fsa.gov.uk/consumerinformation/scamsandswindles/investment_scams/carbon_credit

'nuff said.

tradecarbon

gadgetmind wrote: »

And for that, I for one am grateful.



It is, however, risk free return guaranteed by the Financial Services Compensation Scheme.



If it's such a good scheme, with such good returns and cast-iron guarantees, why do you need relatively small-time private investors to fund it for you?

OK, so maybe we're crusty old cynics, but TBH that's a key part of being a successful investor.

Ok, you want to continue...

I don't want anything from anyone. I was just offering information. To me 3.3% isn't good maybe to successful investors it is.

You're a successful investor I understand so let this one pass no problem.

My point is simple if it's not for you fine no worries. If you want to rubbish it at least get the facts first.

I won't say any more.

gadgetmind

tradecarbon wrote: »

If you want to rubbish it at least get the facts first.

I did, and from the FSA no less.

To me 3.3% isn't good maybe to successful investors it is.

It's good for risk free return. I'm prepared to take on more risk (hey, I buy subordinated bank debt!) but tend to avoid "investments" that the FSA have specifically warned against on their scams and swindles page.

stringer_bell

sorry, where is this HSBC 3.3% account? I can't find it anywhere