Where to put £500,000

saver2017_2

I've got £500,000 that I'm not looking to invest with immediately but rather keep it somewhere safe that will build good interest.

Preference is somewhere with easy access and monthly interest as I may be moving the money within less than a year.

The only account I've found that seems decent is the Virgin Money Defined Access e-saver that provides a 1.01%

Any and all advice would be great, not entirely sure where to put as I'm not massively keen on opening a zillion accounts that simply provide interest on say £3k per account.

ColdIron

Preference is somewhere with easy access and monthly interest

NS&I Income Bonds? A match made in heaven

Eco_Miser

Anywhere other than NS&I, your money over £75000 is at risk should the institution fail (like Northern Rock did before Virgin Money bought its assets).

greenglide

Eco_Miser wrote: »

Anywhere other than NS&I, your money over £75000 is at risk should the institution fail (like Northern Rock did before Virgin Money bought its assets).

I initially interpreted that as saying that NS&I wasn't guaranteed over 75K which isn't true. My initial interpretation of the wording was wrong but in case anyone else reads it as I did:-

NS&I is the only place where £500,000 can be subscribed and be covered against failure or the bank. Any other institution does carry a risk of failure, no matter how small.

NS&I income bond is a no brainer for an amount like this for a year.

MyOnlyPost

greenglide wrote: »

I initially interpreted that as saying that NS&I wasn't guaranteed over 75K

I did too. Had to re read it 3 times even after your post

greenglide wrote: »

NS&I income bond is a no brainer for an amount like this for a year.

Agree 100%

When I see a post like this my first thought is always "give it to me"

Eco_Miser

I'm sorry, but I'd like to know how you interpreted

Anywhere other than NS&I, your money over £75000 is at risk

as

At NS&I, your money over £75000 is at risk

as I may need to change the way I write.

MyOnlyPost

I read "Anywhere other than NS&I"

And then "your money over £75,000 is at risk"

The comma after NS&I makes it read that way where as without the comma as a single sentence it would read as intended

Rodders53

"Anywhere other than NS&I, " = don't go to them they are untrustworthy... or something similar. A comma between <anywhere> and <other> would probably make it read more as you intended?

Personally, I did read it as intended, after a short think and re-read; so don't feel too bad about this (IMO) minor error.


BTW @OP if the £500k is a <specified event temporary high balance> there's no rush as it is guaranteed for 6 months in any bank account. https://www.fscs.org.uk/what-we-cover/compensation-limits/deposit-limits/

But the NS&I Income Bonds are good for keeping such monies where access is needed reasonably quickly (via BACS transfer within a week, usually).

Broadwood

Eco_Miser wrote: »

Anywhere other than NS&I, your money over £75000 is at risk should the institution fail (like Northern Rock did before Virgin Money bought its assets).

Not forgetting that this goes back up to £85000 per person per institution from tomorrow (Monday Jan 30th 2017).

https://www.fscs.org.uk/news/2017/january/limit-change-consumer-update/

Anthorn

saver2017 wrote: »

I've got £500,000 that I'm not looking to invest with immediately but rather keep it somewhere safe that will build good interest.

Preference is somewhere with easy access and monthly interest as I may be moving the money within less than a year.

The only account I've found that seems decent is the Virgin Money Defined Access e-saver that provides a 1.01%

Any and all advice would be great, not entirely sure where to put as I'm not massively keen on opening a zillion accounts that simply provide interest on say £3k per account.

If I had that amount of money I would probably pass most of it over to the bank and let them invest it for me. I would keep a very small proportion to invest myself just to keep it interesting, probably have a stockbroker and invest in penny shares or some other other high risk, high reward areas. But that's just me.

badger09

Anthorn wrote: »

If I had that amount of money I would probably pass most of it over to the bank and let them invest it for me. I would keep a very small proportion to invest myself just to keep it interesting, probably have a stockbroker and invest in penny shares or some other other high risk, high reward areas. But that's just me.

Handing it over to the bank to invest for you would not be sensible.