We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
£120,000 where to deposit?
theblacknight
Posts: 5 Forumite
Hi,
I have inherited just over £120,000 I have no idea where to safely deposit it for the best interest rate.
I was thinking of putting £75,000 into a 5 year fixed bond 2.25% FSCS protected then another £25,000 in a shorter term bond.
The rest I was going to place in the highest instant access account I can find,or maybe open some current accounts and drip feed across them I think that's what some people do.
I don't want to tie the money up for too long as I am no spring chicken.
I cannot afford to risk the capital or lose any large sums is what I am thinking of doing sensible?
I have inherited just over £120,000 I have no idea where to safely deposit it for the best interest rate.
I was thinking of putting £75,000 into a 5 year fixed bond 2.25% FSCS protected then another £25,000 in a shorter term bond.
The rest I was going to place in the highest instant access account I can find,or maybe open some current accounts and drip feed across them I think that's what some people do.
I don't want to tie the money up for too long as I am no spring chicken.
I cannot afford to risk the capital or lose any large sums is what I am thinking of doing sensible?
0
Comments
-
theblacknight wrote: »I cannot afford to risk the capital or lose any
OK I'm curious, why? What would happen if the capital value fell to £118,00 for example?
If you're getting 2% interest and inflation rises to 4% then that's effectively what happens anyway right?0 -
I realise inflation is going to effect the capital and interest rates are so poor I can only see how to minimize loss without risk.
The sentence should have read "I cannot afford to risk the capital or lose any (large sums)"
I have children to think about I don't want to lose large sums of money on risky ventures.0 -
The FSCS limit is now £85k, not £75k0
-
Leaving that sort of sum in cash is frankly nuts, if the long term aim is to pass this on to your children.
You really should consider taking professional advice from IFA, which is what we did after inheriting a substantial sum.0 -
It was £85k, so people saved £85k, and then when it went down to £75K, fidgety people wanted to take £10k out. And then it went up to £85k, and they wanted to put £10k back in. The call centre people must have been driven crazy. Hmm, did these suicide bombers work in call centres?
Only because sterling is worth less, relative to the EUR100,000, apparently. So the Europeans want to keep their whole number, and we have to mess up our deposits for their tidiness.0 -
How old is "no spring chicken"?0
-
How old are the children?
Are they home owners?0 -
JohnLondon wrote: »The FSCS limit is now £85k, not £75k
Yes I know hence why it would be a deposit £75,000 because after 5 years with interest it will still remain under £85,000.0 -
Keep_pedalling wrote: »How old is "no spring chicken"?
50's with progressive poor health.0 -
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards