70,000 Pounds to Invest

in Savings & Investments
18 replies 8.5K views
With banks offering no or very low interest rates for savers I am looking for another safe way to invest about 70,000 pounds . Im a UK citizen ; tax payer too . 70,000 to invest safely as possible . Im no gambler as the money did not come easily .
I was thinking of buying a flat to rent out but as I live overseas this seems like a fair bit of hassle and I could be faced with big bills for repairs , evictions etc . which would decimate my life savings . Plus I have zero experience in the field .
How should I invest it? I would like to get as much monthly return as possible and have the lump sum available when Im older . I have contacted IFAs in the UK but they all want to have an in person meeting with me . But Im overseas at the moment
Thanks for any suggestions .
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Replies

  • edited 8 June 2017 at 8:06AM
    Zola.Zola. Forumite
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    edited 8 June 2017 at 8:06AM
    If you want good returns you most likely have to be willing to put up with some moderate risk.

    You could max out all the highest % bank accounts available to you and do a money shuffle cycle each month to get the high interest. 5 minutes work a month.

    In addition / alternative to this is investing in a S&S ISA, and being content to let the money sit there over the long term to compound and grow.
    "Save like a pessimist, invest like an optimist" 
    "The purpose of the margin of safety is to render the forecast unnecessary" 
    "The borrower is slave to the lender."
    "Money is not to buy stuff. Money is to buy freedom."
    "Every bit of savings is like taking a point in the future that would have been owned by someone else and giving it back to yourself"
    "Energy flows where attention goes"
  • elephantrosieelephantrosie Forumite
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    decide what level of risk to begin with. high returns, high risk. low returns, low risk.

    if you found somehting that is of high returns and low risk, it is likely scam. avoid.
    Another night of thankfulness.
  • ChasingSunshineChasingSunshine Forumite
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    As you are overseas you may not have access to many of the accounts recommended here, can't put money in an ISA etc. Most banks require you to declare you are resident in the UK to open an account, including savings accounts. Same applies to fund platforms if you want to invest.
    Your best option may be to talk to an IFA in the country you are living in who is experienced with helping British ex-pats or you could look at investing it locally.
  • badger09badger09 Forumite
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    Your post suggests you are not resident in UK for tax purposes. You cannot therefore subscribe to any ISA and will struggle to open current accounts.

    If you visit UK regularly, could you meet with an IFA with expertise in investing for Expats?

    Where is your £70k currently held? As a temporary measure you can invest in NS&I products. I can't remember whether all are open to non residents, but the Direct Saver and Income Bonds are.

    https://www.nsandi.com/our-products
  • bostonerimusbostonerimus Forumite
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    If you are living overseas why are you a UK tax payer?

    Where do you live? You will probably have far more options for this money if you invest where you live. It will also greatly simplify your taxes.
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
  • edited 8 June 2017 at 3:02PM
    badger09badger09 Forumite
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    edited 8 June 2017 at 3:02PM
    If you are living overseas why are you a UK tax payer?

    Where do you live? You will probably have far more options for this money if you invest where you live. It will also greatly simplify your taxes.


    deleted.............
  • SystemSystem Forumite
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    Timeshares! (Just kidding :p)
  • ReaperReaper Forumite
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    If you are living abroad you will find many companies unwilling to deal with you even if you are a UK taxpayer and legally able to. They don't want the complications.

    Beware talking to financial advisers abroad as many other countries don't have the same regulations and advisers turn out to be salesmen simply selling you whatever earns them the most commission. There have been regular complaints here from people falling into that trap.
  • KarmoKarmo Forumite
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    Thank you for your replies . Yes I am a UK resident and taxpayer on my bank interest which is miniscule . The 70k is invested in UK banks but the interest doesnt even cover inflation
    . Im living in a small corrupt Asian country where I would never ever consider investing .
    Hoping to return home to live in the UK in a few years so was considering buying a flat which i would rent out to pay for it , and all the taxes and costs that go with that . Unfortunately I am not knowledgeable regarding investing or property.
    I may put most of it in Post Office premium bonds 50,000 max I believe and hope for a big win . But there has to be a better more sophisticated idea out there than that .
  • AnotherJoeAnotherJoe Forumite
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    Karmo wrote: »
    Thank you for your replies . Yes I am a UK resident and taxpayer on my bank interest which is miniscule . The 70k is invested in UK banks but the interest doesnt even cover inflation
    . Im living in a small corrupt Asian country where I would never ever consider investing .
    Hoping to return home to live in the UK in a few years so was considering buying a flat which i would rent out to pay for it , and all the taxes and costs that go with that . Unfortunately I am not knowledgeable regarding investing or property.
    I may put most of it in Post Office premium bonds 50,000 max I believe and hope for a big win . But there has to be a better more sophisticated idea out there than that .

    There is, investments, but you have to be willing to take some risk (and arguably less risk and certainly far less hassle, than BTL).

    Indeed whatever you do has some risk. The risk (close to certainty) with PB's is inflation which will definitely reduce the amount you have in real terms. OTOH if you want this money in say 5 years to help buy a house to live in, then thats not necessarily a bad idea.
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