Selling our house and how to live off the equity?

consumerpower

Thanks so much everyone. We wont be working so my understanding is that the interest spilt between us will be below our annual tax limits anyway make it all tax free.

So anything over the 100K we should look into investing, although depending what we actually sell our house for it could be between 15K - 50K. which we would like to not spend, and keep as a safety net, probably using it as a deposit on a property when we are finished travelling.

The 100K we should spilt into different saving accounts? we do not want to take any risk at all in terms of loosing it. We just want to get the best interest possible.

Thanks for the advice on the travel account, we had already heard about this, (my dad keeps telling me bless).

So should we spilt it into five saving accounts, and then just take it one each year as we need it, would that be maximise the intererst?

Aegis

purch wrote: »

..............we just did !!! :rotfl: :eek: :rotfl:

I think I missed your post on my first read through.

Really I just wanted to comment on the potentially bad investment advice I spotted, and thought I should add something constructive to the thread too

CLAPTON

consumerpower wrote: »

Thanks so much everyone. We wont be working so my understanding is that the interest spilt between us will be below our annual tax limits anyway make it all tax free.

So anything over the 100K we should look into investing, although depending what we actually sell our house for it could be between 15K - 50K. which we would like to not spend, and keep as a safety net, probably using it as a deposit on a property when we are finished travelling.

The 100K we should spilt into different saving accounts? we do not want to take any risk at all in terms of loosing it. We just want to get the best interest possible.

Thanks for the advice on the travel account, we had already heard about this, (my dad keeps telling me bless).

So should we spilt it into five saving accounts, and then just take it one each year as we need it, would that be maximise the intererst?

I see no point in having five a/cs and take it one each year as you need it because you can simply draw out cash as you need it from ATMs and use CC for larger items... just like you would here.
All you need to do is transfer from saving a/c to your current account hence the importance of using a/cs with internet access.

Aegis

CLAPTON wrote: »

I see no point in having five a/cs and take it one each year as you need it because you can simply draw out cash as you need it from ATMs and use CC for larger items... just like you would here.
All you need to do is transfer from saving a/c to your current account hence the importance of using a/cs with internet access.

That's not to say that splitting the capital across multiple providers is a bad thing if they're worried about one of the institutions failing and losing their money. Of course, with 2 of them operating a joint account, they'd be fairly safe up to £70000, but it would be a good idea to have some elsewhere as a "just in case" pot!

worrypants

we are doing the same as you huge luck!!! we are buying property in Canada as our base

my advice would be get an hsbc premier account it will be free if you tell them you will put 50 k with them ( we havent planted 50k with them as there interest is rubbish but we still got a free premier account)

then when you have done that get accounts opened in the first couple of countries you will be going to
this takes time so worht doing now before you sell your house

we havve had our account in canada opened since last september and we plan to go in march

this way you will have foreign accounts so no transfer fees etc you can open hsbc premier accounts in countries all over the world from the UK you can transfer money online to them with no charges

I have oprned a total of 14 bank accounts in the last 3 weeks:rotfl: to take advantage of the best rates, bonds etc that we if in ayears time im not in the uk i can swap and change and transfer for the best rates at any given time

good luck you only get one life go for it