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Where to put it ?
8 Answers
We are selling a house and have not yet found a house to move into. The period between may be anything from 2 months to a year. This will leave us with about �220,000 to put in a short term, quick to get back investment. My wife's annual tax allowance is not used. The question is, therefore, what is the most suitable place to invest it , given the circumstances above. ( Oh yes we are both retired)Thanks
Answers
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We were in a similar situation just over a year ago, we had seven months between properties.
We just put the money in a high interest internet account and as my wife does not work it was in her name and we paid no tax on the interest up to �4.5k.
You can access the money anytime and current interest rates are between 4.5 and 5%.
http://moneyfacts.co.uk/savings/charts/savings_internet. htm
about 5% gross.
Ironically, I'd ignore the figures on that site quoted as gross and go with the AER.
about 5% gross.
Ironically, I'd ignore the figures on that site quoted as gross and go with the AER.
Sorry, I meant to post this a second ago. Check these internet savings accounts, figure out how much interest you'd receive over the 1-2 years and then go to an IFA and ask,
"Can you guarantee to beat this, even after deducting all of your fees?"
Obviously avoid anything based in stocks and shares : anything where the value can fluctuate.
On the topic of your wife's tax allowance, do you mean that she'd qualify for gross interest or just that she hasn't used her annual �3000 cash ISA allowance? For all the difference that avoiding tax on 3 grand will make, I'd just stick with one account if it's the latter..
"Can you guarantee to beat this, even after deducting all of your fees?"
Obviously avoid anything based in stocks and shares : anything where the value can fluctuate.
On the topic of your wife's tax allowance, do you mean that she'd qualify for gross interest or just that she hasn't used her annual �3000 cash ISA allowance? For all the difference that avoiding tax on 3 grand will make, I'd just stick with one account if it's the latter..
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