Where is the bestplace to put £100,000 short term?

loulou41

I am helping daughter to buy a house and I have given notice to withdraw my money from the Building's society in case I need the cash quickly. So far have not seen a house yet although did a few viewings, market seems very slow in Harrow where I am looking. Where should I put this money, currently it's on a Bonus 60, invest direct and Isa, all with Nationwide BS? I will need to get access quickly if I do find a house I like. Thanks

Mr_Mumble

If you want to stick with Nationwide and don't mind an Internet account then opening a flexaccount with the e-savings facility would be an option. Transfer from the e-savings (4.55%) to the flexaccount is instant.

codetown

yes, flexaccount with e-savings is very easy and Nationwide Internet banking is among the best around and is all free.
The transfer from the a/c to the savings account esavings (and reverse) is immediate.

For slightly better rate you might want to consider an external instant access account, such as ING Direct (which though now offers only 4.5% unless you had a previous account with them).
For a normal instant account you will loose about 2 days worth of interest for each transfer to and from, so it depends on you and the account rate. Some accounts like ICICI take longer to get money from. I have read it takes about 10 days, so that might be not 'instant access'.

Edna_Bucket_2

loulou41 wrote:

...currently it's on a Bonus 60, invest direct and Isa, all with Nationwide BS? I will need to get access quickly if I do find a house I like. Thanks

Just checking - good advice above on NW Flexaccount/e-savings, but do you need to move the NW ISA money at all? It's on 4.5% tax free and their ISAs are instant access aren't they?