Where to put £110k?

[chattykathy]

I'm about to sell a property and realise about £110k. I intend to buy another house within the next year so where would be the best place to put my money with regard to interest and access?
TIA

[Krausse]

I have a friend who owns a greyhound. He is running (the greyhound, not my friend) tomorrow at White City. He doesn't like getting his feet wet (the greyhound ) but he has been picked on the outside lane. (Inside lanes are lower and therefore wetter). BACS the £110k now and I will back the dog ! You can't say fairer than that !

[237SJ]

Try www.thisismoney.co.uk for info on bank accounts etc. Even though it`s owned by the Daily Mail, it`s a very good site.

[chattykathy]

I'm sorry Krausse but I won't get the money for a while yet. Let me know when he's next running, the dog not your friend!

[Krausse]

Cheers chatty. You keep your money x

[DTCwordfan]

My mattress would be a very sound place and muffle your scre........oh well that's going too far, perhaps, but it would be a very solid investment.

[DTCwordfan]

split with M&S and one other.

Also, think about a 1 year ISA as well.....perhaps a combo with a 1 year investment fund...the basis being £ like for £like on the first floor of your money, the rest into M and S. Have had quite a good return on Santander with this.

[askyourgran]

Just don't reply to any e-mails asking for your account number from Nigeria.

[237SJ]

I`m not sure an ISA is going to cut the mustard DT. The amount that can be invested (either mini cash or stocks and shares) in this instance is so minimal as to be insignificant.

[DTCwordfan]

2% tax free, depends on kathy's tax position, plus a 3% return (often with a floor minimum fix return on a £ for £ investment account) doesn't sound bad to me when she gets 2.95% pre-tax..........

[ladyalex]

If you fancy a flutter, you could put £30000 of it into Premium Bonds.
It's perfectly safe, you can get it out any time and, although it won't earn you interest, there is a good chance of at least some money every month...and you might strike lucky and get a big prize.
Just a thought in these days when interest rates are so low...

[chattykathy]

Thanks to everyone who's taken the trouble to answer. I've got a clearer idea now of what to do. Cheers!

[starone]

I have had the same problem and in order to get instant access I put it into a savings account which pays me I think about half a percent (haven't checked lately so it might be even less). I think I could get a little more, maybe one and a half per cent and even more if I did a term deposit. You have to make up your mind really. A term deposit would tie it for at least a year and if you might need it before then perhaps a straightforward savings account would do for the time being. As soon as my affairs are sorted I am going to alter the remaining money into something with a bit more interest.

[Khandro]

factor30, can you please explain how to get "£40 -£50 per week " interest on £110k?

[factor-fiction]

Of course, Khandro.
Invest £110,000 at 2.5% interest pa. That's interest of £2500 a year. Equivalent to just under £50 per week. In reality interest will be paid monthly so that's around £215 a month.
In practice the interest rates available may be slightly higher than this.

[factor-fiction]

Sorry-typing in the dark.
That's £2750 pa, so the actual figures are a fraction higher- a little over £50 pw. Tax might bring that down to a little over £40 pw.

[Smowball]

I invested exactly the same amount and its split between low,medium and high risk investments, tied up for 5 years.

[Bazile]

smowball - what high risk investment have you got money in ?