Investing Lump Sum

Legacy_userLegacy_user Forumite
0 Posts
MoneySaving Newbie
I am tentatively thinking of selling my house, moving in with other half & taking my time to look for another property to buy. I want to put the cash from the sale of my house into an interest paying account that is secure & that I can get to when I find my next property, any suggestions?

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  • SystemSystem Forumite
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    I've just been doing the same thing.

    The best rates I found were with Bank of Scotland and the Halifax Banks, so duly tried to get the accounts set up. Gave up in the end because they couldn't/wouldnt get the application to me by email and couldn't/wouldnt verify my identity electronically

    Ended up with an AA account which is paying 5.11% interest. The AA also checked my ID electronically and I had to do was sign an application form and post off the cheque.
  • SystemSystem Forumite
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    Oops! Forgot to mention - its important to thoroughly read the small print on all the account information. Some of the offers are introductory, and have penalties if you withdraw the money within a certain time scale.
  • Fatboy_NSSFatboy_NSS Forumite
    546 Posts
    I'm intrigued as to how the AA verified your ID electronically. To comply with money laundering regulations, any bank needs to verify your name and address before opening a new account. Address can be checked against the electoral role but to verify your name they would need to see an original or certified document with your signature or photograph. If the AA aren't doing this then they're breaking the law and certainly shouldn't be praised for that.
  • dunstonhdunstonh Forumite
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    Electronic ID verification is something that the network i belong to is looking at. I dont know the ins and outs but there is a cost involved but would be ideal for postal applications.

    So it does exist but thats about as much as I know.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • johnllewjohnllew Forumite
    1.9K Posts
    Cahoot's Savings a/c pays 5.5% gross fixed for 12 months with easy access. http://www.cahoot.com/
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