Any advice for the best place for cash??

M

murray

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Hi, I have recently sold my house and I have rented another property to move into. I therefore have the (very fortunate) problem of where to invest the substantial amount of money.

I was thinking of Northern Rock (4%) on demand for now, but I know there are some 'financial wizards' who frequent this site, so if you are happy to part with any pearls of wisdom, I will be very grateful !!

Thanks in advance !! :)

Murray .
 
I'm in similar situation. I have money resting with NR right now (Ok as a temperory fix) but I plan to open an Anglo Irish Bank regular savings where I can feed €2000 (joint a/c with wife) a month into that account and get 6%. Zero risk and beats inflation for some of the money at least. What to do with the remaining money is a bit more complicated...
 
How exposed are Anglo? Like the sound of 6% but aren't they the ones behind the loonier developers?
 
The best rates for large lump sums currently available is about 3.75% . The 6% deals are only for small regular savings.

I think RaboDirect pay 3.75 on an internet deposit. If you dont like the idea of internet then National Irish Bank (Owned by Danske Bank so totally secure) will give 3.75% with no notice for amounts up to 50k. However if you and your partner are in this together then you can have two accounts totalling 100k.
 
Northern Rock give the best rate for a lump sum (4%). Anglo Irish Bank give the best rate for a regular savings assuming you max out the deposit at €1000 per month. (AIB and BoS have better rates but the max allowable to save is less than €1000). My propasal is simply to drip the money from NR into the Anglo account each month..
 
SPC100 said:
You should use all of them to get the best rates possible on your money. No point in just using one.

With Anglo you get 2k p.m. using your wife.
With BOS 750 p.m.
and with AIB 300 p.m. (Not sure if you can get another 300 for wife)
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Very good point....I didn't think of that! Hopefully I can set up direct debits 'cause there's no way I'd remember where the money's going.
 
Thanks very much for the advice so far --- very useful & i will look into it !

I was expecting a couple of replies saying "buy Gold" or "property in Germany/Northern Ireland" !!

We will wait and see !

Keep 'em coming !!
 
Looking at the responses, I can only conclude that if you own your home, have no debt, have maxed out your pension, and have a windfall amount (like myself from a rental house sale), then cash deposits maximising the rate wherever possible is the safest place for your "wodge" in uncertainty.
 
derryman said:
Looking at the responses, I can only conclude that if you own your home, have no debt, have maxed out your pension, and have a windfall amount (like myself from a rental house sale), then cash deposits maximising the rate wherever possible is the safest place for your "wodge" in uncertainty.
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Generally the safer the investment the lower the return. Any return less than around 4% today is negative in real terms. The timeframe is an important factor for the op to consider also.
 
Is there any benefit in setting up an investment fund with a bank, eg BoI Evergreen Fund. I here they are quite good in medium to long term but perhaps charges are quite high?
 
mickmac

was looking at boi evergreen today- 2 types of E green

evergreen fund mt charges are 1.5%
guranateed evergreen fund charges are 1.75% - on 50k charges are 875 pa.

2 different types of evergreen depending on risk you want to incur. I think its high anyway!
 
Tarquin said:
Murray, I got money recently from the sale of a house and this is what I have done:

AIB - 300e per month (for 2 years)
Anglo Irish Bank - 1000e per month (same)
Bank of Scotland - 750e per month (same)
National Irish bank - 500e per month (same)
National Irish bank (ECB tracker deposit account - 50k lodged into this at 3.75%, will rise should the ECB rate rise.

After 2 years, I will look at the situation again, I wanted low risk with access to the money for emergencies (except for Anglo Irish Bank and the NIB tracker account, both are 'locked').
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Thanks Tarquin,

I will look into doing something similar , once I have maxed the old company pension ! . I still like the look of some UK property - I have a few places there already - and a good knowledge of certain areas. Bristol for example seems to be very strong.......
 
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