Hi all,

i'm not sure if this thread is in the correct area but i would appreciate any advice anyone can offer.
I am soon to be completing the sale of my property at which stage in excess of 80k will be deposited into my bank account.
I have a flight booked as i am leaving the country for 2 years to do voluntary work.Consequently i will have no UK address.Therefore can anyone tell me what i should/can do with the 80k.
Relatives/friends are not an option so i was wondering what my bank would say if i had no fixed abode for 2 years,or maybe there is somewhere i could invest it.
Any help would be appreciated.
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Is this the sale of your home?

Will you need access to the cash while you are away?
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Hi Zeno,

yes it is money from the sale of my home.I will not require access to it whatsoever.
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I know that this will sound like a really daft suggestion, but why don't you ask the Solicitor dealing with the sale of the property - I'm sure that they will have come across this situation before.

:)
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Investment would depend on your attitude to risk. There would be no problem leaving it in your bank account that I can see providing you make sure they are aware not to send you statements. You can monitor with internet banking unless you are going to the complete back of beyond.

You could also get a PO Box or use a remailing service.
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I am just waiting for a forum member to say ''give it to me, I'll look after it'' LOL

Seriously, I had a UK bank account whilst living in France a few years ago but I had an address in the UK where the statements, correspondence were going. I also did the opposite way round (French bank account whilst living in the UK).
The bank may accept a foreign address but if you will not have any for two years... I hope someone can advise you.

If a relative was a remote option, you could always opt for paperless hence no statements would be sent to the address. I have an account with cahoot and never receive any paper correspondence except when they send me my new card.

Saying all this it's a lot of money which should work whilst you're away and earn you interest.
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Why not buy a 2 year bond with a fixed (attractive) rate and then it will mature nicely when you get home!
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Hey guys,

i am a very simple guy.............literally(prob spelt that wrong too),so all this feedback is much appreciated so i will eventually decide upon the options available.
2 year bonds? umm bit technical for this current account holder :-(
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Hey guys,

i am a very simple guy.............literally(prob spelt that wrong too),so all this feedback is much appreciated so i will eventually decide upon the options available.
2 year bonds? umm bit technical for this current account holder :-(
2 year bonds are pretty simple low-risk investments: you agree to lock the money away for a fixed term, and in return the bank promise you a good interest rate.
Ask your bank what they are offering or run a comparison (http://www.fool.co.uk/savings/term-bond-accounts.aspx). You will probably find better online.
Make sure you have filled your ISA (http://www.fool.co.uk/isas/compare-isas.aspx)allowance for the year as this gives interest tax free :)

Also remember the government will guarantee the first ?5,000 of your savings with any institution should something happen to them (As did with Northern Rock). So you might want to split your money up into ?5k/?5k/?0k or similar if you are concerned about the stability of a bank.

Good luck :)
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Also remember the government will guarantee the first ?5,000 of your savings with any institution should something happen to them (As did with Northern Rock). So you might want to split your money up into ?5k/?5k/?0k or similar if you are concerned about the stability of a bank.

The ?5,000 government guarantee is per banking licence so you need to be careful where you invest in two banks one of which is owned by the other e.g. RBS and Natwest. Sometimes they will have two licences and sometimes they have just one, held by the main bank. So do a little bit of research or put the monies in to banks that have no link to each other.

David.
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