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Anyone have any idea what the best sort of account is to deposit a lump sum of £55k? Long term access to the money is not required. I'm just after the highest interest account, basically. ISAs no good due to the annual deposit limit.

Oh, and paying a big chunk off the mortgage is not an option because it's not my money.

In the current financial climate, I think the money would be best placed in a mattress or an old tin box.

My old, tin box is too small for all that cash. Besides, it's already home to a small, crumpled up Post-It note...

How long are you talking? And does it need to be put in a bank? Could it be invested elsewhere?

Are you up to no good Replicant?

Shady goings on is it?

Lawrence wrote:How long are you talking?

At least five years, but possibly ten years or more.

And does it need to be put in a bank? Could it be invested elsewhere?

I think it might be safest to invest it in a UK bank or building society; that way, the money will be protected under the FSCS (£50k per person, per financial institution is guaranteed in the event that the bank/building society goes bust).

Grimshaw wrote:Are you up to no good Replicant?

Shady goings on is it?

Well, I now drive a Range Rover with blacked out windows and I look like a Chinese version of Mr. T with all my bling. But apart from that, I is a good lad.

Replicant wrote:

Lawrence wrote:How long are you talking?

At least five years, but possibly ten years or more.

And does it need to be put in a bank? Could it be invested elsewhere?

I think it might be safest to invest it in a UK bank or building society; that way, the money will be protected under the FSCS (£50k per person, per financial institution is guaranteed in the event that the bank/building society goes bust).

Ah well, not my area then. I did financial mathematics at uni so could tell you a bit about bonds and such.
As for putting it in a bank the best way would probably be to go have a word with a couple of bank managers, tell them what you want to do, then tell them what interest rate you want; you don't have to just go with what is advertised.

Lawrence, good idea. I don't expect many people will be approaching them with fifty grand to invest. "Do me a deal!"

Stick £30,000 in Premium Bonds.

Tomo wrote:Stick £30,000 in Premium Bonds.

Then cash and re-invest on a monthly basis

Premium bonds is probably one of the safest ways actually and you may even win extra!!

I would say it would be best to put it on My Will which is my tip for this weekends grand national.

Is it just me or is hte Grand National getting earlier?

Give it to me and I will distribute among a few shops in exchange for good's.