Best place to put house sale proceeds for short/indefinite period

gekktel

Would appreciate some advice or suggestions as to where to keep a sum of money (proceeds of house sale) for an indefinite period (2 weeks to 6 months). Ive considered a High Street bank deposit account but dont know which one.

walks

I am going to be in the same position as above soon, but i will not be able to afford to buy any where else so need it to make me some money for later on in life. i will be 50 soon.

many thanks.

gekktel

No-one got any suggestions or ideas?

Philip624

I would try to act quickly and get £3000 of it in a Halifax Direct ISA before the deadline of 5 April. Youll get 5% interest on it tax free and Instant access for withdrawals. I think A&L may just beat this rate at the moment but I dont know the terms of it, i.e. whether it is instant.

If you have a partner you could get them to open one as well, that way you can protect another £3000 from tax. After 6 April you can add another £3000, so if you have a partner youll be able to shield £12000 of the proceeds from tax and get a great rate of interest.

gekktel

Philip624 wrote:

I would try to act quickly and get £3000 of it in a Halifax Direct ISA before the deadline of 5 April. Youll get 5% interest on it tax free and Instant access for withdrawals. I think A&L may just beat this rate at the moment but I dont know the terms of it, i.e. whether it is instant.

If you have a partner you could get them to open one as well, that way you can protect another £3000 from tax. After 6 April you can add another £3000, so if you have a partner youll be able to shield £12000 of the proceeds from tax and get a great rate of interest.

Thanks for this tip Philip