jacknscoob

Hi Guys

I need to invest some money in the UK (now I am not bringing it out).

Approx 150k pounds.

What are the options? Which is the safest way?

Thanks in advance

quiltman

The thing is that the UK bank guarantee is now £75,000 so you need to split the funds but make sure the banks are not part of the same group otherwise the £75K is the max you'd get in case of failure! Alternatively, stick it in my two accounts and I'll split the interest with you!

renth

NS&I Income bonds.

rammygirl

Interest rates are poor though and once you are no longer resident you can't switch accounts to chase rates, even within the same bank. The rules are stupid as I really cannot see the reasoning but........

Also although the the first £1000 of interest is tax free in the UK it will be taxed fully in Aus if you are PR as will any ISA income.

Really depends but not sure just putting it in a bank will be profitable but will be safe. Why do you want to leave it in UK and how long for?

Beoz

ISA's aren't available for non residents anyway .... right?

Also, most of the tax is taxed in the UK on interest..... right?

Amazulu

Our premium bonds average about a 3% return a year - money is as safe as it's going to be

Everything else that is giving a return is a risk, but remember there are different types of risk

rammygirl

If you have an isa before you leave you can keep it but it will not be tax free in Aus.
Rules have just changed re interest in Uk and first £1000 of savings interest in any account is tax free. Banks no longer deduct tax it is up to people to declare.

Either way any income will be taxed in AUS.

jacknscoob

Hi there and thanks

I am kinda in between countries at the mo, so the investment in the UK would use my UK address.

The interest rates for savings arent like the old days, hey!!! The pound looks like it is crashing daily since the EU vote

Pulaski

If that is true, you are improbably lucky - the interest rate of the Premium Bond prize fund is 1.25%, and given the handful of very big prizes, the rate most holders of premium bonds receive is very much less.

astera

I get the base amount and the place you want to keep your funds, but are you adamant that you want to invest in GBP or are you open to all options as long as your investment is located in the UK?

jad n rich

Premium bond limit is only 40K . Has anybody set them up from overseas. ? Easy or did it turn into a hassle.

With HSBC UK I assume up to 75K is covered by the UK, or not ?

Swerv-o

Painful from Australia, as you need permission from the ATO to open an account. Much easier to open them in the UK.


S

OzTennis

Best Savings Rate

I seriously doubt, nay can't accept, that Premium Bonds can return an average of 3% - 1.25% if you are lucky e.g. see Martin Lewis's verdict on them:

Premium Bonds: are they worth it? - MoneySavingExpert

Beoz

I bloody well hope so.

Droidling

I'd buy a couple of E-type Jags and put them in longterm storage. Admittedly,a high risk strategy and possibly the best gains have already been and gone. (the current mayhem doesn't help confidence) and caveat emptor. In fact I might have already talked myself out of it Who TF knows in these crazy times.
P.S. My ridiculous conclusion has come about after buying a brace of old mk1 minis 10yrs ago and seeing them transform from old throwaway junk into 'classic 60's British iconic transport', (but still more than just a little bit sh*t).
It was nostalgic fun to begin with ...