Opening Savings Accounts / Bonds

[luluj]

In a few weeks I will be receiving a large inheritance. My IVA will be paid off 100% and I will have a large sum that I will need to invest until we are ready to purchase a house in a further 2 / 3 yrs time after the IVA has cleared from our records in full.

My question is I know IVA people struggle to get a savings account open for their ad hoc left overs.......where will I stand in trying to get a Bond open or what is the best bet - national savings certs ? I have a basic savings account which pays less than 1% interest....??? Any ideas - my view was if I paid this very large cheque into my account I am sure the bank would not take long before they tried to persuade me to invest...however I am aware it is unsafe to have more than £50K in one bank's name in case they go bust?

[Adam Davies]

Hi
I think you need to spread your deposit between banks, 50k limit per institution and also to look at guaranteed bonds just so that your funds are safe
Regards

[luluj]

My concern is that Bond's won't be available to us due to the IVA on our records - if it is anything like trying to open a savings account a credit check is done - just wondered if anyone had been lucky in getting a bond approved whilst IVA was still on record

[Choice1]

If you are getting your money before April 5th you need to use this years ISA allowance up. Then get next years allowance in on April 6th

[MelanieGiles]

The experts this forum are not authorised to give advice on investments Luluj, and I would recomment that you contact an Independent Financial Advisor as you must take care to ensure that your inheritance ids invested as wisely as possible, once your creditor claims have been paid.

[luluj]

Thanks Mel - I am going to take some financial advice when we receive the final payment and the IVA is cleared ....I appreciate people on the forum can't give financial advice...was trying to establish if getting a bond opened would be as difficult as getting a savings account opened.