Temporarily moving savings to parents bank account

Keep_pedalling

[quote=[Deleted User];72705332]I don't understand. How does the currency market affect my money? I thought the only thing to be concerned about was the interest earned not offsetting inflation.[/QUOTE]

You say that you are currently not a UK resident and that may be a permanent thing. If for instance the £ falls 20% against other currencies if Brexit goes badly then you have lost 20% of your spending power in your contry of residence.

[Deleted User]

Ah yes, no doubt. I understand that. It's the reason I'm not brining my money to Europe. I'm hoping in the future the pound will grow stronger and I can convert the money then. Considering I won't need this money for a few years, I have time to wait.

Keep_pedalling

[quote=[Deleted User];72705416]Ah yes, no doubt. I understand that. It's the reason I'm not brining my money to Europe. I'm hoping in the future the pound will grow stronger and I can convert the money then. Considering I won't need this money for a few years, I have time to wait.[/QUOTE]

That is a high risk stratergy and highly unlikely to get you any long term significant growth. I think you really need to take some professional advice from a IFA.

bowlhead99

dmelife wrote: »

You will still be covered by FSCS for a limited time following house sale, 6m I think. No need to panic!

Google temporary high balance fscs

OP says he is non resident and just sold a UK property which generated proceeds this week.

You can get FSCS protection on temporary high balances for some specific reasons which include sale of your only or main residence. However, if he is claiming non resident status then it seems unlikely that last week, before the property sale completed, it was his only or main residence. His main residence appears to be in another country (unless he literally only left the UK last weekend and is claiming non-residence only from that point onwards).

xylophone

It's the reason I'm not brining my money to Europe

Salting it away?:)

[Deleted User]

Keep_pedalling wrote: »

That is a high risk stratergy and highly unlikely to get you any long term significant growth. I think you really need to take some professional advice from a IFA.

Yes I think this is a good idea.