Large lump sum to invest

L

LBB

Guest
Hi, I'm one of the lucky ones who managed to sell a house, and I have 700k to put on deposit. I won't be buying for another year or so.
Am I right in thinking the Ulster Bank eplus at 5.5% is the best option?
Money must be covered by Govt guarantee.

Any other opinions?

Many thanks,
 
Post office, gold, swiss bank account. All are safer than Ulster bank.
 
Thanks Lemur. Why are other options safer if Ulster Bank is covered by govt. guarantee? Is this not the same as the post office?
 
LBB said:
Hi, I'm one of the lucky ones who managed to sell a house, and I have 700k to put on deposit. I won't be buying for another year or so.
Am I right in thinking the Ulster Bank eplus at 5.5% is the best option?
Money must be covered by Govt guarantee.

Any other opinions?

Many thanks,
Click to expand...

Seeing as you don't want the cash for a year have you considered a fixed term/fixed rate account? [broken link removed] will pay 6% for a 1 year term account. Covered by the government guarantee
 
Thanks for replies. The sum is actually 700k Fungus!
Given that it is so much, and essential for future house purchase, I'm thinking of dividing it amongst a few institutions. Even though I know they all have govt. guarantee, I am still worried about potential losses if there is a major crash.
 
LBB said:
Thanks for replies. The sum is actually 700k Fungus!
Given that it is so much, and essential for future house purchase, I'm thinking of dividing it amongst a few institutions. Even though I know they all have govt. guarantee, I am still worried about potential losses if there is a major crash.
Click to expand...

OK - Have you decided which institutions ? Do you need help in getting the best rates?
 
Ulster Bank opted out of the Irish Govt Guarantee Scheme although thry are part of the RBS Group which is 58% owned by the UK Government.
 
LBB said:
I have 700k to put on deposit.
Money must be covered by Govt guarantee.
Click to expand...

If you want it all covered by the guarantee you're going to have to spread it across 4 - 7 institutions depending on your marital status/joint account holdership
 
GeneralZod said:
If you want it all covered by the guarantee you're going to have to spread it across 4 - 7 institutions depending on your marital status/joint account holdership
Click to expand...

?

The Government bank guarantee covers all deposits in the named institutions- without limitation.
 
Now that the Government have finally taken over Anglo it would appear
that they are now the safest bet for lump sum deposits .
You may have to move on this as i suspect the 1 year rate of 6% to decrease probably by the middle of next week !

Thomas
 
Thomas50 said:
You may have to move on this as i suspect the 1 year rate of 6% to decrease probably by the middle of next week !
Click to expand...

This point can not be stressed enough.

If you want to maximize your savings then your time to get this amazing rate (one would assume) is running short (maybe not next week but it has to be cut).

From what I can see there is almost no other rate anywhere close to this rate for one year TD's in most European countries!!

Act Fast.
 
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