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Help my friend with her inheritance of £110,000
HelpwithESA
Posts: 8 Forumite
My friend is going to come into some money; although under some very sad circumstances. I want to try and help her make the best of what has been a very dark part of her life by making sure the money goes towards making her future more comfortable.
She's very intelligent but struggles with money and only found out recently that you can get interest on your savings.
She's 25 and is going to work and travel abroad for at least a year and I want to make sure her nest egg grows while she's away.
So I am not sure if it'd be a good idea to recommend she opens multi accounts for the "5% savings loophole," which would require a lot of work while she's meant to be traveling.
I am not sure if a fixed rate savings account would do much good either as the interest is awful, but perhaps simpler.
So I was thinking perhaps easiest for her would be to put about £100,000 in the 1 year fixed rate Bank of Barodo, and the rest (the 10,000 and other savings) in maybe Santander 123 or Club Llyods and drip feed in to the Halifax help to buy ISA.
Does seem a shame though when I know she could get more by opening more accounts but then you can't put a price on convenience.
Anyone want to add anything or suggest something better?
She's very intelligent but struggles with money and only found out recently that you can get interest on your savings.
She's 25 and is going to work and travel abroad for at least a year and I want to make sure her nest egg grows while she's away.
So I am not sure if it'd be a good idea to recommend she opens multi accounts for the "5% savings loophole," which would require a lot of work while she's meant to be traveling.
I am not sure if a fixed rate savings account would do much good either as the interest is awful, but perhaps simpler.
So I was thinking perhaps easiest for her would be to put about £100,000 in the 1 year fixed rate Bank of Barodo, and the rest (the 10,000 and other savings) in maybe Santander 123 or Club Llyods and drip feed in to the Halifax help to buy ISA.
Does seem a shame though when I know she could get more by opening more accounts but then you can't put a price on convenience.
Anyone want to add anything or suggest something better?
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Comments
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Also how does being abroad affect her savings?0
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Theres a dead cert in the 3:45 at Ascot!!Dwy galon, un dyhead,
Dwy dafod ond un iaith,
Dwy raff yn cydio’n ddolen,
Dau enaid ond un taith.0 -
Why not suggest that your "friend" signs up and posts herself? If she's an intelligent person I'm sure she would like to make an informed judgment rather than you telling her what to do.0
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Why not suggest that your "friend" signs up and posts herself? If she's an intelligent person I'm sure she would like to make an informed judgment rather than you telling her what to do.
Of course I encouraged her too but she's just not that interested that's why I am trying to help her.0 -
The road to hell... I'd be careful not to get too involved, unless that's the plan.
It might be better to let her make her own decisions and mistakes, if she's intelligent she'll learn the lessons well.'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0 -
John, thanks you were the only one who at least took this seriously.
She's a good person who just lost a close family member and her head isn't in this and all I want to do is help can't someone give me some real advice?0 -
HelpwithESA wrote: »John, thanks you were the only one who at least took this seriously.
She's a good person who just lost a close family member and her head isn't in this and all I want to do is help can't someone give me some real advice?
If she wants your advice she will ask for it, in which case you can point her in this direction. Giving advice on financial affairs is not a good idea, if it all goes wrong she's not going to thank you for it.
Of course, if you need any help yourself, then let us know and we'll be happy to help.0 -
This might be the best short term solution.
http://www.nsandi.com/direct-saver
then talk to her about the various high interest[STRIKE] saving [/STRIKE] current accounts and the qualifying hoops that need to be jumped through. For someone who's not interested though, it's a right royal faff, at least initially.'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0 -
I appreciate that you guys are looking out for me, but she's one of my best friends and not the type who'd ever blame someone over advice given.0
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HelpwithESA wrote: »I appreciate that you guys are looking out for me, but she's one of my best friends and not the type who'd ever blame someone over advice given.
That depends what advice is given and what the outcome of that advice is. Circumstances change, if she's not got the right mindset for complex "solutions" then it's better to wait until she has, surely?'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0
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