I have sold my house and have £150,000 - what should i do with the savings as i may want to buy in a year?

Question

I have looked at various savings accounts but, it's so confusing. there are high rates before tax and average rates tax free. I also know I shouldn't put more than 35K in each place. Can anyone recommend what to do. Also with that amount what would I or should I get i interest monthly or yearly........ Any help appreciated. i use moneysupermarket.com and motley plus various other .coms but, none say you should definitely do this....

Answer 1

I'll look after it for you!

;)

Answer 2

If you don't want to pay tax on it put it in an offshore account, I looked at various ways to do something similar and looked at high interest savings accounts ISA etc., and could not settle on anything solid. I now use an offshore account where the tax man cannot get his greedy hands on it.

Look at differerent banks that have offshore accounts without the penalty of tax.

Answer 3

Put it in a bank cd and collect interest.

Answer 4

Wow you are so lucky! talk to a bank manger or a account he may help you!

Answer 5

It depends how cautious you are.

I would put the money in a National Savings account/bond. The government bank is the safest at the moment.

I believe the 'seven years of famine' is not over.

You will know when the market has hit rock bottom when you will be able to buy two houses for £150,000 and cash buyer are chauffeured around by estate agents.

Answer 6

You have gathered sufficient information on how to invest your money. Now it all up to you to decide.

Answer 7

Hmmm put it in a high interest ISA account?

Sorry that's not much help but good luck :]

Answer 8

quick,send it to me..