divide it up, or keep in one place?

stoptheworldIwannagetoff

I am about to complete on the sale of my house. I then intend to go travelling for a year. Where shall I put my money whilst I am away? Shall I divide it up to minimise risk of bank collapse? I have already maxed out my ISA for this year and I'm not into high risk investments.

Sum I am talking about equates to £250,000 cash (keeping an additional £10,000 instant access in my Nationwide e-savings account for funding the trip).

Would I be considered as a non-tax payer whilst I am away?

nilrem_2

stoptheworldIwannagetoff wrote: »

Shall I divide it up to minimise risk of bank collapse?

IMHO the chances of any reputable bank or building society in the UK going bust resulting in customers losing money is practically zero, if such an institution did get into financial difficulties is almost certain to be taken over by other institutions otherwise it would cause panic resulting in savers withdrawing their cash from other banks and societies.

Steve_xx

I think you would not be regarded as a non-tax payer whilst you were away, since presumably you are a UK citizen?

See here for information:

http://www.hmrc.gov.uk/cnr/faqs_general.htm#2nr