where to put 350k for 6 months

ukrv

Hi, We are selling our house and going abroad for 6 months. (bit of a long cheap holiday in the camper van) Where should we put our money so we can access it from Europe and get the best interest rate? we will then return and want to buy another house. we are self-employed but have not earned any money for the last year so I'm not sure if we need to pay tax on the interest we make or not.

home_alone

Never thought I would say this but ING are doing a 6.4 AER for 6 months, might just fit in with your plans. I am considering taking money out of icesave for the 6 months as I still have a very small amount still with ING so no hassle.

gary

Toastie

Icesave's 6month bond is 6.65% on maturity. That somewhere between 6k and 11k interest (deepending on Tax which i can't help you on as i don't know)

Make sure you max up your ISA's if you haven't already. You and Your Wife could have 3k for this year and on the 6th april another 3.6 in there. (Barclays offer 6.5%)

You would need to ring Icesave and explain your situation, aswell as with Barclays just to be 100% it will be ok.

I wouldn't mind £350k!

ukrv

Toastie wrote: »

Icesave's 6month bond is 6.65% on maturity. That somewhere between 6k and 11k interest (deepending on Tax which i can't help you on as i don't know)

Make sure you max up your ISA's if you haven't already. You and Your Wife could have 3k for this year and on the 6th april another 3.6 in there. (Barclays offer 6.5%)

You would need to ring Icesave and explain your situation, aswell as with Barclays just to be 100% it will be ok.

I wouldn't mind £350k!

thanks for this. i hadn't heard of Icesave. It looks just the biz!

Toastie

My pleasure to help :beer: Good luck (btw they might be a bit busy with the new tax year up and coming so patience might be key!)

tradetime

Don't mean to put the wind up, but I'm not sure I'd want to put 350K into one bank, even just for 6 months, not in the current financial envoironment, not suggesting that you go after the 35K rule but I think I would at least split it up a bit.

MrSafeGaz

Kaupthing-Edge do a 6 months fixed at 6.8% AER.

jamescredmond

tradetime wrote: »

Don't mean to put the wind up, but I'm not sure I'd want to put 350K into one bank, even just for 6 months, not in the current financial envoironment, not suggesting that you go after the 35K rule but I think I would at least split it up a bit.

you mightn't tradetime (re 35K rule) but I certainly would. the OP can't take the chance with such a large amount at the moment.

so the advice would be (for what it's worth): divide the sum between the top 10 b/s, banks re rates and have a great vacation..... you lucky git!!!

Toastie

tradetime wrote: »

Don't mean to put the wind up, but I'm not sure I'd want to put 350K into one bank, even just for 6 months, not in the current financial envoironment, not suggesting that you go after the 35K rule but I think I would at least split it up a bit.

I almost forgot about that, i don't even have £100 to my name!

ukrv

tradetime wrote: »

Don't mean to put the wind up, but I'm not sure I'd want to put 350K into one bank, even just for 6 months, not in the current financial envoironment, not suggesting that you go after the 35K rule but I think I would at least split it up a bit.

so am i right in thinking we could put £70k in a joint account in 5 banks and still be totally covered, safety wise. the top 5 being Kaupthing-Edge, Icesave, ING and 2 others?

thanks for all the great advice. we've never had so much money and certainly can't afford to lose it!

tradetime

ukrv wrote: »

so am i right in thinking we could put £70k in a joint account in 5 banks and still be totally covered, safety wise. the top 5 being Kaupthing-Edge, Icesave, ING and 2 others?

thanks for all the great advice. we've never had so much money and certainly can't afford to lose it!

Yes, that would work nicely, just check the "Are my savings safe?" article to make sure your chosen 5 are not linked and your laughing Then kick back and enjoy that holiday.