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Leave €100k in savings account for 6 months?

  • 12-12-2014 1:57pm
    #1
    RetroPak
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hello,

    After a house sale, I have €100K deposit for the purchase of my next home.
    However, as the sale went through quickly and I need to apply for another mortgage, I now have to show the banks I can save for 6 months, meaning this deposit will sit in an AIB 7-day online account for 6 - 7 months. The return I will get is quite small.

    I think its a good opportunity to use some of this cash to invest, however I will need to have the 100k in my account for when I begin to apply for a mortgage (6 months).

    Has anyone had experience of any options I could invest in or any ideas to get some ideas from a different angle? I am not looking to get anything too large back, but if there was say a 5 - 6% return then its better than it just sitting there. This could be in the form of importing for resale, an event, refurbishing something to sell on, etc.... The crux is that 100K needs to be sitting back in my account in 6 months

    Ideas welcome....


Comments

  • #2
    lucky john
    Registered Users, Registered Users 2 Posts: 838 ✭✭✭lucky john


    I'm fairly sure there is no such thing as guaranteed, no risk, 12% annual return anywhere. If you get 1% risk free for the 6 months you would be doing well I think.


  • #3
    Nwm2
    Registered Users, Registered Users 2 Posts: 548 ✭✭✭Nwm2


    RetroPak wrote: »
    The crux is that 100K needs to be sitting back in my account in 6 months

    .

    There is no reward without risk. 5-6% in 6 months is a huge reward, so not achievable without corresponding risk (else we'd all be doing it right?).

    If you absolutely, positively, need 100k in 6 months, then these are your options:

    http://www.askaboutmoney.com/showthread.php?t=90481


  • #4
    euroboom13
    Registered Users, Registered Users 2 Posts: 650 ✭✭✭euroboom13


    Buying something to refurbish with a 6months turn around is not really possible since sales take a couple of months each way to close. You would also be hoping that the market keeps rising ,which is highly unlikely with tighter lending rules and possible rate hikes.

    Zero capitol risk has little or no return. Can`t expect reward for no effort(stress), in these times.

    Plenty of options ,if you weren`t restricted to six months and could stomach short term capitol loss of up to 20%.


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