ChatterBank1 min ago
banking inheritance money
6 Answers
I've just gained an inheritance of just over �50,000 and need to bank it and not touch it for about 2-3 years whilst i finish my education, can any help me with 1. what sort of account is best 2. what banks/ building societies got the best offers, any help would be great thanks....Lorenzo..
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buying a property is alright but you wont get much for �50,000 and can you afford the other standard costs on top of that each year, council tax, upkeep, and the stamp duty...
if property is too much hassle I would speak to a company called www.zopa.com they are like a bank but with higher rate of returns on income. People use money they do not need to lend to others who meet certain criteria. You'd need to read the website...
but if that dont sound your thing, just put it in a savings account until you do need it, would make a nice deposit for your own house in a few years or even finish your education and start a pretty good business, but either way all banks are pretty much the same and you'd benefit from a high interest savings account anywhere.
if property is too much hassle I would speak to a company called www.zopa.com they are like a bank but with higher rate of returns on income. People use money they do not need to lend to others who meet certain criteria. You'd need to read the website...
but if that dont sound your thing, just put it in a savings account until you do need it, would make a nice deposit for your own house in a few years or even finish your education and start a pretty good business, but either way all banks are pretty much the same and you'd benefit from a high interest savings account anywhere.
Lucky you! . 2 - 3 years is probably too short term for the stock market. You're probably not paying income tax at the moment, but I'd certainly bung �3,000 of it in the best Cash ISA you can find and search the Internet for the best rates you can find for a deposit account. A two or three year savings bonds with a Building Society might offer marginally higher rates. If you're under 18, and even if you could buy a property for that money (which I doubt) I it would be too problematic considering all the ongoing expenses you would have to worry about. As for a financial adviser, they would probably recommend a highly unsuitable investment for you simply to get the commission on it. Simply stick it in a high rate savings account would be my recommendation. If you're not paying income tax, an offshore account might pay higher rates. They're not much advertised but many of the banks have them if you enquire.
I agree with WendyS. Sounds like what you need is a fixed rate savings account. Nice and low risk. Emergency access if you need it but will penalties to deter you. A good site to look for current deals is http://www.moneyfacts.co.uk.
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