Quick, where shall I put this 40K for a few months?

fimonkey

To be honest, I'm probably the most reluctant 'rich' person on the planet (if you call 40K rich, it is in my book). The money comes from the sale of my late mother's house and the responsibilty of making it 'work' is huge, plus the emotion of what it represents. I no longer have parents I can fall back on and I'm only in my late 20's. Not going for the sympathy vote in the slightest, But I understand fully the meaning of money not buying happiness.

So then, ICIC or icesave, are they really that bad??

Tustastic

fimonkey wrote: »

To be honest, I'm probably the most reluctant 'rich' person on the planet (if you call 40K rich, it is in my book). The money comes from the sale of my late mother's house and the responsibilty of making it 'work' is huge, plus the emotion of what it represents. I no longer have parents I can fall back on and I'm only in my late 20's. Not going for the sympathy vote in the slightest, But I understand fully the meaning of money not buying happiness.

So then, ICIC or icesave, are they really that bad??

Firmonkey, I was just lurking but this post made me sign in. I too have money from the same sad source and no the money does not bring as much happiness as having a loved one alive. So sorry to hear about your early bereavement and make sure you live long and prosper as it's what your parents would have wanted.
Anyway, I have an Icesave account and it works fine for me, no problems with it at all. It's a bit irritating to have to go to it to arrange for it to withdraw money from my bank account, but if I could be bothered to track it down, there is advice on MSE about how to sort that.
HTH Tus

PosterBoy77

fimonkey wrote: »

To be honest, I'm probably the most reluctant 'rich' person on the planet (if you call 40K rich, it is in my book). The money comes from the sale of my late mother's house and the responsibilty of making it 'work' is huge, plus the emotion of what it represents. I no longer have parents I can fall back on and I'm only in my late 20's. Not going for the sympathy vote in the slightest, But I understand fully the meaning of money not buying happiness.

So then, ICIC or icesave, are they really that bad??

I have an ICESAVE account and I have never had any problems. I think most of the problems came about when the products first launched and the companies were deluged with applications. However I think in general they are fine now. For best peace of mind, you may be best splitting the 40k up and putting 20k in both accounts, that way in the unlikely event any bank when broke you would be compensated for almost all of your money. Compensation is limited to the first 33k of any deposit.

saramck

In a few weeks we will have £360,000 from the sale of our house to deposit for at least six months, as we are buying our next property off-plan and it is currently showing a February 2008 finish...any ideas on the best return for the money - we are both tax payers and our ISA is full for this year. Thanks a lot and I am very grateful that I did not have to lose my parents in my twenties to get the money to invest.

ajvj1812

saramck wrote: »

In a few weeks we will have £360,000 from the sale of our house to deposit for at least six months, as we are buying our next property off-plan and it is currently showing a February 2008 finish...any ideas on the best return for the money

I'm in a similar boat, just setting up a Cahoot Account (short term), 6.05% for investments >£250K. I know some people will state the obvious risk involved in investing such a large amount in one bank. The monthly interest will come in handy, even after the tax has been taken.