large deposit for short term - advice please

b17lboro

Hi we have a large deposit (arond 240K) to invest for up to a year but could be only 2 weeks from house sales and an ongoing purchase. We need to get access to it in 7 days.

Does anyone have any ideas where we can put it to ge the max interest (needs to be low risk!)

cheers

Gymgenius

Money market accounts, though I hear the returns can be very small.
First Direct have a money market account where you can invest from up 24 hours upwards I think.

collingwood21

What about an instant access savings account? ING Direct currently do one for 3% interest.

Reaper

And Egg pays even more. However beware of 2 things:

1) If you are putting all your money in one place you are over the £50k (£100k for joint accounts) FSCS limits if the bank goes belly up. There is a good chance you woud get it all back regardless but you should be aware of it.
2) There are often limits to how much you can transfer per day. For example I believe with Egg it is £50k. Might be an issue if you need it at short notice.

b17lboro

thanks for the replies

Im going to get a single cheque for the full amount and I suppose I am going to have to pay it into our account then pronto spread it around a bit (to avoid the 50K 100K risk)