What to do with a large sum of money?

Question

i am on benifits and have recently been given £8000 due to the sale of my old house which is my share after debts being paid..

i dont want to waste this cash as in go on holidays or buy a new car, i want to save or invest this money the best way possible, i cannot go to work due to being on long term sickness benifit,

Answer 1

Childrens accounts such as Halifax offer 10% interest, I think the limit is £3k to £3.5K, its an excellent return.  You can open an account in your child and your own name. Check online to see who is currently offering the best rate.

Answer 2

Go have a meeting with your bank manager and they'll tell you the best thing to do with it.

Answer 3

try to open a shop :D

Answer 4

premium bonds!

Answer 5

Get a saving account with rbs

hope this helps

Thanks

Answer 6

Use your ISA allowance for this year, you can invest up to £7200 in stock based investments. You won't have to pay income tax on the dividends or capital gains tax either.

If you don't fancy the markets, choose a cash ISA. Check 'Which?' magazine for the ones with the best rates.

Answer 7

Please invest in landed properties or in the stock exchange.

Answer 8

Invest it in a Bank in India...they give 9%   :D

Answer 9

i recently claimed a sum amount of money and i did start sendin it until i decided to invest mine in a horse and thats what i did i went a bought a horse

Answer 10

You're wise to want to invest it.

Talk to an investment person/

broker.

There are so many ventures

out there.  Pick one you're

passionate about.

Answer 11

I think you may not be able to receive benefits if you have investments of over £5000. In which case squander £3,200 on whatever you fancy.

If you can still receive your benefits, check out the best high  interest savings account.

Answer 12

you do realise you have to declare this to the benefits agency as it will now be seen as income which you can live on and pay rent and council tax if your claiming that.

you could end up on a charge of benefit fraud if they find out.

Answer 13

Stick it in a high investment account. Mind that tax though! I put money in shares, wouldn't recommend that again, waste of time and my money!