Author Topic: Short term bond?  (Read 94 times)

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Offline F4mandolin

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Short term bond?
« on: January 11, 2018, 02:57:01 PM »
I believe I've brought this up before, but..... Now that the FLR(M) is done I need to get a big chunk of money out of our savings account and into something that will at least get us a little bit of interest. I was just looking at the Post Office 1 year fixed rate....which I noticed has just gone up to 1.78%. Anybody know anything else out there that is guaranteed and will give any more? Probably sticking over £100K in it. The rules state you cannot add/take away anything for the year....fair enough. But....I was wondering if you can just take out another 1 year bond 6 months from now...or do they not let you have 2 going at the same time?......in which case we could stick quite a bit more than £100K in since I won't have to apply for the last visa for another couple of years.
Fred

Offline larrabee

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Re: Short term bond?
« Reply #1 on: January 11, 2018, 04:16:41 PM »
F4, just checking that you are aware that you don’t need as much in savings for ILR. It’s only £18,600 plus £16,000 so £34,600 that you need to hold for at least the 6 months preceding the date of application.

Take a look at moneysavingexpert.com Martin Lewis always stays on top of the best rates.
March 29th 2013-Moved to UK, husband on spouse visa.Oct 20th 2015-Applied by mail for FLR(M).Feb 1st 2016 FLR(M).

Offline F4mandolin

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Re: Short term bond?
« Reply #2 on: January 11, 2018, 04:32:41 PM »
Huh? Only £34,600 for the last one? Why so much for the others then? I haven't check at all on the requirements for the last visa yet....I just assumed it was about the same as these first 2 were. We have way too much money just sitting in savings right now and I am emptying my work retirement account over the next 4 years. We currently have over £185K just sitting in Lloyds getting almost nothing. It will be almost 2 years before I need to prove any money totals again, so I might just stick almost all of it in the 1 year bond then....I don't think we need to risk any of it in stocks/etf's again....that's why I got out of all of those over a year ago. I would still have to pay US taxes on the gains....at least for these next 4 years until I can get my wife off my US taxes.

I'll check on that other site.....thanks
Fred

Offline larrabee

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Re: Short term bond?
« Reply #3 on: January 11, 2018, 04:39:13 PM »
The savings are in place of the 18.6k income requirement.
They only count savings over 16k (it’s to do with benefit levels of savings) and the visas last 2.5 years. So ( 18.6 x 2.5 ) + 16 = 62.5k

Once you have ILR you are free from immigration control so just the 16 + 18.6.
March 29th 2013-Moved to UK, husband on spouse visa.Oct 20th 2015-Applied by mail for FLR(M).Feb 1st 2016 FLR(M).

Offline larrabee

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Re: Short term bond?
« Reply #4 on: January 11, 2018, 04:53:32 PM »
I think the FSCS has gone up to £85k but that’s still less than you are planning to invest so the advice would be to spread the money around a bit.
March 29th 2013-Moved to UK, husband on spouse visa.Oct 20th 2015-Applied by mail for FLR(M).Feb 1st 2016 FLR(M).