Best way to invest £200,000.

Louie_lizzard

I have sold my house, paid off my mortgage and debts and am about to rent a property until my inheritance comes through. My wife is 52, working, i am 61, not working due to cancer. I will hopefully return to the workplace in 2024 all being well.
Whats the best yield yet safest place to put my cash? I will re enter the property market once my inheritance is paid out, but want to know how to grow the £200,000, probably for my children. I know nothing of trading in cryptocurrency, but have been told this is a fast way to grow cash. But how risky is that investment.

Sg28

Oh my god dont touch crypto if you want safety!

eskbanker

Louie_lizzard said:

I know nothing of trading in cryptocurrency, but have been told this is a fast way to grow cash. But how risky is that investment.

Very - it can be a fast way to grow cash but an even faster way of losing it, especially for novices, so its volatility is best avoided if you're looking for "safest place to put my cash".  Even more conventional investments may be too risky for you, but the big question is when that money is likely to be needed, i.e. if you can lock it away for many years then investing may be the answer, but if you may need access sooner then sticking to savings will probably be more appropriate, perhaps via a ladder of fixed term products.

Louie_lizzard

The bulk of the money will be tied up for 5 years. I wont need to touch it for day to day living expenses.

eskbanker

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#fixedsavings

Band7

5 years is the very minimum timescale for investments. Anything less than this is saving. In your shoes, I would split the money into FSCS-protected chunks and put these into the best paying multi-year accounts.

As the interest might bust your Personal Savings Allowance once you return to work, you should also consider maxing your ISA allowance, and may be also the ISA allowance of your wife. You can also put £50k each into Premium Bonds if you fancy a flutter, but the return might be quite paltry.

Don't touch crypto, whatever you do, unless you are happy to lose your entire £200k.

ColdIron

Louie_lizzard said:

Whats the best yield yet safest place to put my cash?

I know nothing of trading in cryptocurrency, but have been told this is a fast way to grow cash.

Choose one or the other, you can't have both

Beddie

As others have said, look up the best savings account and lock it away for the term you prefer. Don't lock it all away, unless you have other savings you can get at easily.

You should also consider £20k (each) into a cash ISA to avoid tax (either now or when you're back at work)

Also, if you fancy investing some of it, maybe make that £20k in the ISA a stocks and shares one. If this is an option for you, ask and someone should be able to point you in the right direction. Vanguard Lifestrategy funds are a popular choice.

Albermarle

Louie_lizzard said:

I have sold my house, paid off my mortgage and debts and am about to rent a property until my inheritance comes through. My wife is 52, working, i am 61, not working due to cancer. I will hopefully return to the workplace in 2024 all being well.
Whats the best yield yet safest place to put my cash? I will re enter the property market once my inheritance is paid out, but want to know how to grow the £200,000, probably for my children. I know nothing of trading in cryptocurrency, but have been told this is a fast way to grow cash. But how risky is that investment.

I would politely suggest that when dealing with large amounts of money, you need to do some proper research/reading into personal finance issues  and /or employ a financial advisor.
Do not look at or respond to any adverts, especially on social media, about how make a quick buck. Or it will probably all end in tears.

aroominyork

Albermarle said:

Louie_lizzard said:

I have sold my house, paid off my mortgage and debts and am about to rent a property until my inheritance comes through. My wife is 52, working, i am 61, not working due to cancer. I will hopefully return to the workplace in 2024 all being well.
Whats the best yield yet safest place to put my cash? I will re enter the property market once my inheritance is paid out, but want to know how to grow the £200,000, probably for my children. I know nothing of trading in cryptocurrency, but have been told this is a fast way to grow cash. But how risky is that investment.

I would politely suggest that when dealing with large amounts of money, you need to do some proper research/reading into personal finance issues  and /or employ a financial advisor.

Nor should you follow saving or investment options described here, however sensible they might be, unless you understand exactly what and why you are making any choices.

Louie_lizzard

Ok, so much has happened in the financial world since my last question. 
So, i have decided to put £85k (x2) into a 1 year ns&i fixed income bond @ 6.20%. 
My question is, how safe is it depositing that sum of money online, or, can i pay in a cheque at a post office, which is preferable.