Investing a lot of cash

Chris2124

I'm trying to sell my house. If I succeed I'll have North of £1 Mill in cash. Where can I invest this safely? Is there any alternative to openiong 30 odd savings accounts with £35K in each?

CLAPTON

northern rock
or NS&I

cundall

see an IFA.......... That sort of money you need some good advise which you will have to pay for though Clapton has a good point (maybe not the highest rate but its backed by the government)

Aegis

Chris2124 wrote: »

I'm trying to sell my house. If I succeed I'll have North of £1 Mill in cash. Where can I invest this safely? Is there any alternative to openiong 30 odd savings accounts with £35K in each?

What's your timescale like? If you're talking about a short term savings solution, then Northern Rock and NS&I are both fully Treasury-backed at the moment. If it's a longer-term investment you want, then cash-only would be a terrible idea for that amount of money due to the inflationary forces eroding your capital value.

Chris2124

Probably a year or so, then I'm likely to emigrate. I've never met an IFA who has any interest except earning as much money as possible for themselves, irrespective of their client's interest. Which, on reflection, is fair I suppose. In fact if I did meet an IFA that didn't think like that I'd think he was an idiot and have nothing to do with him. Catch 22 I guess.

Aegis

For a year or two you're best sticking to cash. As such, you might consider moving the whole lot to Northern Rock and/or NS&I, then using any ISA allowance you have, followed by some fixed term accounts to hedge against further falling interest rates.

You don't have that many options available if you only want it tied up for a year or two.

agent_orange_2

Aegis wrote: »

What's your timescale like? If you're talking about a short term savings solution, then Northern Rock and NS&I are both fully Treasury-backed at the moment. If it's a longer-term investment you want, then cash-only would be a terrible idea for that amount of money due to the inflationary forces eroding your capital value.

If reports are to be believed, even if your funds were under the bed, you will be able to get a lot more 'bang for your buck' as far as property is concerned.

thriftybabe

Congratulations! Would love that worry. Do not hesitate to pass to me if you are having trouble sleeping where to put your cash! I am not sure if i am allowed to say this but i can recommend our FA who we met through this site and he is absolutely fantastic. We had a cowboy prior to him and we sought advice through this forum. He gave me loads of advice without actually being my FA. However after all his great advice we then approached him and asked if he would be our FA

Chris2124

At least of got two choices (NS&I and Northern Rock) rather than the usual one. I had considered NS&I but the"limitless" guarentee at NR hadn't occurred to me, so thanks for the advice.