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€600,000 for 4 months

  • 11-06-2020 6:17pm
    #1
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭


    I have 600k for the next 4 months. Any safe option that will give me a return greater than the best term deposit which is only .21% pa.

    It’s an inheritance of an investment policy which has just been paid to me. It will all be going to Revenue on 31 October to settle my inheritance tax on that and other non monetary assets.

    V short term I know. Hate to see it sit in the current account.


Comments

  • #2
    lawred2
    Registered Users, Registered Users 2 Posts: 24,559 ✭✭✭✭lawred2


    Baby01032012 wrote: »
    I have 600k for the next 4 months. Any safe option that will give me a return greater than the best term deposit which is only .21% pa.

    It’s an inheritance of an investment policy which has just been paid to me. It will all be going to Revenue on 31 October to settle my inheritance tax on that and other non monetary assets.

    V short term I know. Hate to see it sit in the current account.

    uhuh


  • #3
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,744 Mod ✭✭✭✭Sheep Shagger


    Firstly commiserations on having the pay the tax man that much.

    Your risk appetite is obviously close to nil....in which cass prize bonds that are backed by the state?

    Hopefully you'd get more than rubbish interest less DIRT?


  • #4
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭Baby01032012


    lawred2 wrote: »
    uhuh

    I know that sounds so ungrateful. I didn’t mean it like that. My parents scrimped and saved and worked very hard for that. I’d much prefer to have them than the money. What I’m left with will be going to my kids and to charity. I’ll just be looking after it for them.


  • #5
    Figel Narage
    Registered Users, Registered Users 2 Posts: 478 ✭✭Figel Narage


    God damn


  • #6
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭Baby01032012


    Sheep Shagger wrote: »
    Firstly commiserations on having the pay the tax man that much.

    Your risk appetite is obviously close to nil....in which cass prize bonds that are backed by the state?

    Hopefully you'd get more than rubbish interest less DIRT?

    Thanks, good suggestion I didn’t think of that. Can put in up to 250k and it’s guaranteed and no fees.


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  • #7
    Figel Narage
    Registered Users, Registered Users 2 Posts: 478 ✭✭Figel Narage


    What are you looking for passive income, growth?


  • #8
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭Baby01032012


    Figel Narage wrote: »
    What are you looking for passive income, growth?

    Both being greedy. However given I’ll need to given it to Revenue end of October I can’t take any risk.

    Actually depending on when probate goes through I could have 400k for 16 months.


  • #9
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,501 ✭✭✭BrokenArrows


    Baby01032012 wrote: »
    Both being greedy. However given I’ll need to given it to Revenue end of October I can’t take any risk.

    Actually depending on when probate goes through I could have 400k for 16 months.

    As mentioned since you dont know for certain how long you will have it for then the prize bonds gives you the most flexibility.

    If you open a prize bond account with another person so you have a joint account you will be allow you to deposit 500k. Obviously you will need to trust this person, but both parties will need to sign to release the funds.


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