High Interest Account

[pussyfoot]

Hi I am in the process of selling my house & will not be buying another for 3/4 months where would the proceeds of my sale be best kept untill needed approx £130.000

Thanks

[black_cat51]

unfortunately there is much "high" about interest nowadays, especially if you are going to need instant access later on

[hc4361]

Interest rates are low, you are not going to get a decent rate anywhere especially over such a short period.

You should, however, lodge the money with two different banks making sure that each account does not exceed £85,000 and that the banks are not part of the same umbrella company. This is to safeguard your money in the event of a bank collapsing.

If you can get a rate of 2% you will doing well. Over four months a 2% interest rate would get you £866 less tax.

[sandyRoe]

Or put 30k of it into premium bonds. You never know, you might win a million.

[hc4361]

Premium bonds are good, I have the maximum amount invested but for such a short time the bonds may only qualify for one draw.

[Old_Geezer]

If it is just 3 to 4 months you'll probably need an instant or near instant access account. My guess would be to go to the financial sites and see who is giving best rate at present for one of those.

[Gizmonster]

/// You should, however, lodge the money with two different banks making sure that each account does not exceed £85,000 and that the banks are not part of the same umbrella company. This is to safeguard your money in the event of a bank collapsing. ///

... or if you put it in a joint account, you'll be covered for £170 000.