£200k To Invest Till Xmas

trudiha

Hello there

I’ve just received just shy of £200k from the sale of some shares left to me in trust by my late grandfather.

Although I’ve known that the money was coming for some time, I’m not very good with That Sort Of Thing and I’ve made no arrangements with what to do with the cash, so the money is being paid into my savings account today but I suspect that this isn’t really the best thing to do with it.

I understand that I’m going to have a tax liability of about £50k on this but that I’m not going to have to pay that until April of 2009.

The remaining £150k, I’m hoping to use as a deposit on a flat but not until Christmas time.

I currently pay tax at the basic rate.

I’m a bit nervous of people like financial advisers, they all seem very intimidating and I’m worried about them running off with all my money or giving me awful advice.

I'd be very grateful for any suggestions?

Thank you very much.

jem16

For such a short period of time you do not want to invest this money. For investing you need to have 5 years or more.

Stick to savings accounts and one where you would earn the most interest. The first £3k should go into a cash ISA if you don't already have one. After that put it in the top saving instant account like Icesave or Sainsbury's Bank.