Inheritance

sealady

I would really appreciate some advice! My mom has very recently passed away. I'm the sole beneficiary of her estate! Her estate has been finalised, there is no property or savings/investments as she lived in South Africa. We are just waiting for permission from the Reserve bank to release the funds! Depending on the exchange rate I should receive substantially over £50 000.

My current situation is I work part time and and am a single mom to two teenagers! I have no savings to speak of and this money is going to hopefully change our lives.

I am really hoping to be able to put a large amount of this money as part of a deposit on a house! Until I find something I like I would like to invest the majority of this money! Any suggestions?

jimjames

Don't invest it as you need to be sure it will still be there. Put it in a savings account until you decide what to do. If it is more than £85000 then you may want to use 2 banks to be sure it is covered by the protection scheme.

innovate

Should be worth putting £5,640 into a cash ISA this year, and may be another lot next. At least that way, you get some of the interest tax free.

Best cash ISAs: https://forums.moneysavingexpert.com/discussion/401374

General ISA article: http://www.moneysavingexpert.com/banking/

bigadaj

Historically there were exchange controls on currency in sa so you need to check whether you can get the money out of the country easily. Also good luck but with limited part time earnings the amount you may be able to borrow could be relatively low, though this would have the advantage of potentially. Getting a low mortgage rate if your loan to value is low.

sealady

bigadaj wrote: »

Historically there were exchange controls on currency in sa so you need to check whether you can get the money out of the country easily. Also good luck but with limited part time earnings the amount you may be able to borrow could be relatively low, though this would have the advantage of potentially. Getting a low mortgage rate if your loan to value is low.

You are right there are some serious restrictions about money being released but that has all been address! The paper work has been submitted and we don't for see any major problems! Just waiting for them to release it!

zerog

Can you invest it in South Africa?

oldvicar

You might like to consider the Investec High10 three month notice account (or High 5 with 6 months notice).

Good interest rates which constantly track 'best-buy' rates (currently 3.20% for High 10 and 3.28% for High 5), but best of all pretty pictures of South African zebras on account literature as a nice reminder as to the source of your funds.

Investec, as you may know is South African, but the UK bank subsidiary has full FSA registration and FSCS protection up to £85K.