Best place to put 50k?

gerardflanagan

I've been very lucky to receive 50k from someone in my family. Before I receive it, I need to tell them what account to put it in.

I want to use it as a deposit for a house and I won't be buying one for at least a year. However, I guess after that, I might need to pull it out at short notice if I decide I want to buy.

What are my best options for saving? I want very low risk.

Wywth

gerardflanagan wrote: »

I've been very lucky to receive 50k from someone in my family. Before I receive it, I need to tell them what account to put it in.

I want to use it as a deposit for a house and I won't be buying one for at least a year. However, I guess after that, I might need to pull it out at short notice if I decide I want to buy.

What are my best options for saving? I want very low risk.

I would suggest you discuss the matter with the family member that are kindly giving you this amount. Then you will know if they are happy with the proposed plan

gerardflanagan

Thanks. It's up to me to propose a plan. I'm going to read a lot of guides online when I get a chance. I just wanted to know if anyone on MSE had any experience in this area or a steer in the right direction e.g. don't even bother looking into shares because they are too risky etc.

innovate

There are scores of posts on here from people who had a similar "problem". These are easy to find, you just have to spend some time browsing through the posts.

xylophone

If you cannot risk the capital then use your cash isa allowance this tax year and next and after that look for the best interest rate you can find?

Presumably the cash will go first to your current account - you might be well advised to inform your bank that you are expecting the money by way of gift from a family member.

You might start browsing here http://www.thisismoney.co.uk/money/saving/article-1583859/Best-savings-rates-General-savings--Internet-branch.html

EdGasket

xylophone wrote: »

If you cannot risk the capital then use your cash isa allowance this tax year and next and after that look for the best interest rate you can find?

Presumably the cash will go first to your current account - you might be well advised to inform your bank that you are expecting the money by way of gift from a family member.

You might start browsing here http://www.thisismoney.co.uk/money/saving/article-1583859/Best-savings-rates-General-savings--Internet-branch.html

Why would one be "well advised" to inform the bank? When they get the money it gets credited so what is the problem? I have paid in large amounts before now and apart from being 'hassled' to see an 'advisor', I have not encountered anything unusual.

somethingcorporate

Money laundering, evidently.

There was a thread from a few months back about a women getting her lloyds account frozen and ultimately shut just from a couple of payments in from abroad flagging anti-laundering measures in the bank.

Better safe than sorry, a quick call to inform them should head off any potential issues.

xylophone

Why would one be "well advised" to inform the bank?

Just a word to the wise to pre-empt any "money-laundering" concerns.

This would apply particularly to anyone who did not regularly credit (or have credited) large sums to his account.

In fact, the sums do not have to be particularly large- a few years back, I drew a cheque on my personal (big four) current account in favour of a family member - his account was frozen and I shan't bore everyone with the details of complaints, meetings with bank managers etc that followed......