Savings help needed

robjones23

Hi all,

I'm hoping to emmigrate to oz soon so I'm selling my house and should end up with £30 - £35k in cash after my solicitors fees and estate agent fees. What I want to know is what's the best way to invest this money so I get the biggest return possible?

I'll also have a load of spare money which I want to save up while I'm looking for a job over there so I'm also going to put away about £700 per month "somewhere" - what's the best plan?

Will the taxman come after any of the money from the house?

Cheers,

rob.

robjones23

No-one have any advice???

isofa

The best returns will be those with the biggest risk, funds, stocks/shares etc, so you'd probably be best discussing with an IFA.
No-one can offer you direct advice for that type of investment here, for various rules and regulatory reasons.

The £700 a month, depends whether you want to "invest", or just save.

Obviously if you are just saving, use your 3K ISA limit first, then look at high interest accounts, on-line accounts etc.

robjones23

Ok so that makes some sense - I'm thinking I should probably put the 30K into premium bonds, anything left after that into an ISA, and the £700 p/mnth into a savings account - does that sound like a good plan? Should I do it the other way? put 30K into a savings account and then the rest into premium bonds? I dunno what the best option is - hopefully it won't even be for a long time, maybe just a few months so am I better to put it into the bonds in the hope of coming up with a win rather than grab 3 months or so of interest?

Cheers,

Rob.

missile

In your situation, I would not put £30K into premium bonds

planemad

missile wrote: »

In your situation, I would not put £30K into premium bonds

Agree, I would not get premium bonds, I would put the money into a high interest online savings account like ICICI, Icesave, ING there are many others so check out this site to see the best deals.

Flex13CMP

Hi,

If you are thinking of moving away from the UK and want to put your money into investments then you could look at investing in an offshore bond. Why hold it in the UK when you don't need to and in that case paying tax in the UK. The money in an offshore bond will grow free of tax whilst held in the bond and can invest into a wide range of investment offering attractive returns or if you wish more conservative options such as high interest deposit accounts (because the investment grows free of tax the gross interest paid is actually a net return) some accounts are offering up to 6.7%.

I'm not sure what the tax rate is for Australia but when you decide to encash your investment you will be taxed at that point giving you the option of when to pay tax.

You can speak to any UK IFA regarding this however not all are fully conversed in the offshore market. But for client's moving out of the UK it is very attractive.

I've known quite a few people who have done a similar thing and it has worked out well for them.


Regards