Investing property lumpsum

W

wigwammer

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I have just sold a property(luckily) and am expecting cheque this month. The cheque will be made out to me but then I need to split it 4 ways among my family members (it is well below the inheritance tax threshold).

I do not wish to lodge the lumpsum into any of my local bank accounts as I do not wish it to be known in my locality, as tends to be the case.

I have been looking at Northern Rock or some such online account as I will leave my own lumpsum there once I have made the divide. But it seems I have to lodge the cheque into my own existing account first, as it will be payable to me and then transfer to the online account from there - how do i get around this? Should I open a new account say in Dublin then transfer funds from there?

From Northern Rock Demand Online:
You can apply online now, to open your account.
Once we have advised you of your account number, your initial lodgement can be made. This can be any amount from €1,000 up to a maximum of €3 million per investor:
- By electronic transfer from another bank or building society.
- By transfer from an existing Northern Rock account. The Terms and Conditions of your existing account will be applied. For notice accounts, to action your transfer charge free*, the required notice period must be served.
- By cheque drawn on a bank registered in the Republic of Ireland and sent by post. In the interest of security, please make your cheque payable to ' NR for the A/c of (insert account holder/s name/s)' and crossed 'A/c payee only'.

I hope I am making sense. Or am I just being dim? Thanks
 
If the cheque is payable to you alone then you will most likely have to lodge/clear in regardless before you can split the money up and give it to the others. The Financial Best Buys forum lists the best rates on offer for deposit accounts.
 
Okay, so I have to lodge it into my own existing account before I can lodge it to an online deposit account? I can't just lodge it to a new online deposit account and clear it there? Thanks
 
No - why would you not be able to use it to open, say, an NR or RaboDirect account if the cheque is in your name? Will it not be drawn on an Irish bank in euros or something? Why are you worried about your local bank seeing this money? They should be constrained by data protection legislation as to who they can tell about it.
 
I was looking at this from NR online

"You can apply online now, to open your account.
By cheque drawn on a bank registered in the Republic of Ireland and sent by post. In the interest of security, please make your cheque payable to ' NR for the A/c of (insert account holder/s name/s)' and crossed 'A/c payee only'."

The cheque will be in my name so I cant make it payable to NR unless I lodge the original and issue another cheque. Am I making this more complicated then needs be? Can I just lodge the cheque I receive from the sale directly to NR or Rabo?

Obsviously if I get over the local bank issue I can fire ahead and lodge there, I was just wondering if I could bypass them....small town politics.
 
OK - I don't know about opening an account but I have certainly lodged similar cheques payable to my name. Maybe just give them a ring and ask them if this will be a problem? I'd imagine that there should be no problem but best to double, er, check.
 
DO NOT SHOW it to your local Bank - (Manager)
I did and they wanted to invest it all for me
As their rates were low and I did not want their long term investments
Got advice and a list of Authorised Advisors from the Financial Regulator
It is now in the likes of Northern Rock, Anglo Irish, short term Bonds and a number of other short term and high rates
Not very popular in my local bank
Small towns??
 
Thanks for your help, I will contact NR directly so and see if I can lodge the original cheque directly. Over and out
 
Why do you not ask the solicitor who you are getting the money from to make out four cheques payable to the people you wish, for the amounts you require. I can not see why they could not do this if you give them written authority.
 
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