Where to put £210,000

eskbanker

bobwilson wrote: »

All the suggestions here for £210k are still in the region of or below the current rate of inflation (1.9%) so they're not actually saving. You'll be losing money whichever savings account suggestion you take here.

Interesting that no one mentioned that...!

Why would they mention that? The posts above are constructive suggestions that meet the stated requirement for a safe home for the money over a short time period - if you have any better ideas for somewhere safe that would outperform inflation then I'm sure OP (and the rest of us) will be all ears!

quirkydeptless

bobwilson wrote: »

All the suggestions here for £210k are still in the region of or below the current rate of inflation (1.9%) so they're not actually saving. You'll be losing money whichever savings account suggestion you take here.

Interesting that no one mentioned that...!

2.1% now :-(

SmashedAvacado

the relevant rate of inflation is actually the house price index not the CPI or RPI for this saver, as they want to use the money to buy a property - so if house prices are falling or stagnant, its not correct to say they'd be losing money

Slinky

Be aware that when you buy, your solicitor will want to know where the money came from, and you will have to account for every receipt on your bank statement of over £1K for 6 months, for money laundering purposes. Keep good records when you move money around to make life easier for yourself.

chelseablue

Why does nothing like this ever happen to me

eskbanker

chelseablue wrote: »

Why does nothing like this ever happen to me

What about if the OP had been reworded a bit, along the lines of "after years of [STRIKE]lurking[/STRIKE] underperforming, an unexpected cash windfall from a wealthy Russian oligarch has allowed our club to buy success by spending fortunes on a range of players that we never could have afforded otherwise, ultimately contributing to a permanent transformation of the financial state of the English game"?

LuckyOnes

Hey all - many thanks for the thoughtful, solid advice and top-notch banter!


Feel like sticking it in the Virgin 1.5% will suit us great given we don't need (or want!) to make withdrawals except for the deposit on exchange and then the final balance on completion of a house purchase. Good to have the limitation to prevent any cheeky chipping away at it, and awesome that the FSCS covers temporary high balances like ours - I had no idea, thanks @Audaxer!



I also really take on the point made by @SmashedAvocado about the house market stalling - I feel like given current political carnage house market confidence is unlikely to soar in the next 6 months so as cash buyers we'll probably be able to get just as much for our money house-wise... Depressing but true!


Again, many thanks to you all for the wise advice and for giving us loads of food for thought on this luxury 'problem'. Best wishes to all!

Simon.Edmunds

LuckyOnes wrote: »

Hey all - many thanks for the thoughtful, solid advice and top-notch banter!


Feel like sticking it in the Virgin 1.5% will suit us great given we don't need (or want!) to make withdrawals except for the deposit on exchange and then the final balance on completion of a house purchase. Good to have the limitation to prevent any cheeky chipping away at it, and awesome that the FSCS covers temporary high balances like ours - I had no idea, thanks @Audaxer!



I also really take on the point made by @SmashedAvocado about the house market stalling - I feel like given current political carnage house market confidence is unlikely to soar in the next 6 months so as cash buyers we'll probably be able to get just as much for our money house-wise... Depressing but true!


Again, many thanks to you all for the wise advice and for giving us loads of food for thought on this luxury 'problem'. Best wishes to all!

Put 50k in Premium Bonds - ok you will probably lose a few quid in interest but you might get a decent win which you won't get at Virgin.

MaxiRobriguez

chelseablue wrote: »

Why does nothing like this ever happen to me

Windfalls like this typically might be an inheritance which could be received due to a close family member passing away.

quirkydeptless

Simon.Edmunds wrote: »

Put 50k in Premium Bonds - ok you will probably lose a few quid in interest but you might get a decent win which you won't get at Virgin.

Plus side - tax free, so even better if paying 20/40% tax :money:


Down side - Not in draw for first month, so not so good for a short term saving