What should I do with 200k?

[roleypoley]

It's sitting in the bank earning v little interest so there's probably a better place for it. I don't want anything high risk. We don't own a property so that's what it will be for in the long run but we're unlikely to move anytime soon as we rent a lovely house in a good area but to buy here is really expensive.

£185k in one account?

Wow. Really depressing to hear that you cant even be arsed to look after that kind of cash. Money is wasted on some people.

Buy a property! For example you could have bought my house two years ago for £170k, rented it out for £700pcm, and sell it today for £210k. You'd have made a significant amount of money in those 2 years!!

OK, immediate plan:
On Monday, top up the ISA with as much as you can. Up to 15k if you haven't put anything in this tax year.
Then shift as much as needed to get 75k into the other savings account.
Ideally, get yourself a third bank account, and put money in til no account has more than 75k. But 1&2 should take minutes, and might save you a fortune.

When might you want to buy a house? If in the next couple of years, be careful as you might not get your money back when needing to access the money. So shares may not be your best bet, as they can go down as well as up.

WriteforFun1 - you're quite right, it's wasted on me. After the bank's gone bust and I've lost 100k I'll probably blow the rest on drugs and prostitutes. Maybe next time people will think more carefully before dying and leaving all their money to someone who quite clearly can't be arsed to look after it.

Thank you inthesandpit

Funnily enough roleypoley my sister is the same as you. You'd think what could be easier than having a (loved and trusted) sister who really understands about how to make money grow and is actively doing this using her own funds too? But everyone is different, and for some (risk averse) people the emotional cost of releasing capital and putting it to work is so 'triggering' that they can't cope with the emotional strain. And it is emotional! As I said please feel free to contact me any time if you get a bit braver!

OP that made me lol
But seriously, the bank going bust can happen. At least split up the money.
Money is marvellous, it should be treasured, if you enjoyed coke and prostitutes fair enough but do something with it.

Remember to check that it is split not just between different banks, but between different banking licences. Look up the who owns who list. You need no more than 75k in each.

You can set up the interest paying current accounts - you can't house anything like that much but you can generate something. Best fixed rates are a pitiful 2% for 3 years. You'll need to look at other options too as otherwise inflation continues to reduce it.

and when you get braver you will find yourself on the suckers list and find people sending you all sorts of get rich quick schemes.

You don't own property, you haven't got a pension, no honest person is going to suggest you go for anything risky.

Start your reading here www.moneysavingexpert.com/savings/savings-accounts-best-interest

Unfortunately as I said, the op cannot get interest above inflation on even a third of that sum. She will have to take some risks.

Bluesy - i am interested in what you were saying about multiple occupancy properties...

writeforfun1 - my cousin died last year, my kids were amongst beneficiaries of estate - when solicitor sent out a breakdown of assets, he had about 1.1 million with a single institution. I am still shocked about it!

Op why is your DP so against buying a house, and if he is averse to borrowing, how will you buy in the future? Surely a home of your own is infinitely better than renting and probably cheaper given you have a decent deposit?

I have to agree with others, inflation will eat away at value of the capital if you just leave it in the bank, but investments are too risky if you want to buy short term.

roleypoley - get those accounts sorted soon! With the way thing are currently anything could bloody happen. Break down the amounts and look up which banks are best for your needs. Most higher interest accounts are only valid for one year then you lose the high interest and have to move it again which is a bloody faff.