Best place to put money for max gainage!

Colbaker · 26 Nov 2015 at 15:11

Say I had 40 to 60k from the sale of my house but won't be getting another mortgage on another house for a year. Where would be the best place to put this money to gain maximum interest?

Cheers.

booyaka · 26 Nov 2015 at 15:12

Colbaker said:
Say I had 40 to 60k from the sale of my house but won't be getting another mortgage on another house for a year. Where would be the best place to put this money to gain maximum interest?

Cheers.

Red

Jim99 · 26 Nov 2015 at 15:14

Safely, Santander 123 (20k single plus 20k for a joint acc).

Could stick into a bond fund (with 15k in an ISA wrapper) alternatively, which is still pretty safe.

If you want to take a plunge, stick it on the stock market. But that's a pretty dreadful idea.

Spuj · 26 Nov 2015 at 15:19

I'll trust message you my bank details ASAP so you can transfer it across, I'll look after it for you.

Tuppy_Glossop · 26 Nov 2015 at 15:20

Don't forget capital gains tax

cheesyboy · 26 Nov 2015 at 15:22

Tuppy_Glossop said:
Don't forget capital gains tax

Not for sale of his home

tom_e · 26 Nov 2015 at 15:23

Tuppy_Glossop said:
Don't forget capital gains tax

It sounds like it was the OP's main home so it's not applicable in this case.

Zogger · 26 Nov 2015 at 15:24

The money would gain a lot of interest if you left it on the street. Briefcase optional.

EddScott · 26 Nov 2015 at 15:24

Probably wouldn't bother with stock market investment for such a short period of time. Latter part of this year has been rubbish. If it continues, you won't pull back the losses before it's time to pull out the investment.

Stocks and Shares ISA in a bond fund is still "The stock market" as such just not equities and the bond boom following the crisis is well and truly over.

Santander 123 is a good idea. I would look for best rate ISA and non-ISA - from April the first £1000 of savings interest will be tax free so you'll need like £90K+ in Cash ISAs to actually enjoy the benefit.

If you can be bothered some people do the multiple bank account/savings account thing to earn a few quid here and there. Personally CBA.

NexusK · 26 Nov 2015 at 15:35

Zogger said:
The money would gain a lot of interest if you left it on the street. Briefcase optional.

Greebo · 26 Nov 2015 at 15:37

Prince Nabu from Nigeria. You can turn that £40k into £150 million in a few months,.

psd99 · 26 Nov 2015 at 15:42

why are you waiting so long to get another mortgage?

Rofflay · 26 Nov 2015 at 15:44

A Columbian smuggling operation for sure.

Tone1979 · 26 Nov 2015 at 15:53

put it on another house on a buy to let?

dl8860 · 26 Nov 2015 at 16:00

Tone1979 said:
put it on another house on a buy to let?

And possibly deprive a first time buyer their first home purchase? Preposterous idea

psd99 · 26 Nov 2015 at 16:00

Tone1979 said:
put it on another house on a buy to let?

do it before 1st April though

ukxenon · 26 Nov 2015 at 16:22

hide it from the wife and your golden

Pawnless Endgame · 26 Nov 2015 at 16:45

Zogger said:
The money would gain a lot of interest if you left it on the street. Briefcase optional.

Nah nah nah, you're doing it wrong.

The money needs to be placed inside a green Spar bag.

Left on the street.

:-)

wez130 · 26 Nov 2015 at 16:45

Bury it in your garden and grow a money tree

Colbaker · 26 Nov 2015 at 16:48

psd99 said:
why are you waiting so long to get another mortgage?

As we will have new jobs and mortgage companies want a certain amount of pay slips. Also want to make sure the jobs are secure enough to be able to afford the mortgage.