Income from house sale

zogg

We have sold our house and do not wish to re purchase for about 1 year. Can anybody recommend 5 monthly income bonds/accounts for that 1 year. I would put 50k in each to protect the cash. Need something to live on !

Thanks

Jonbvn

In the same position, I would go for the Income Bond from NS&I paying 2%.
http://www.nsandi.com/products/ib/index.jsp Guaranteed by the gov't.

Not the best rate but saves the hassle of administering 5 separate accounts.

opinions4u

The Moneyfacts site highlights a number of providers paying over 3.4% for a 1 year fix.

£250k at 2.75% net should pay around £570 a month.

A couple of thoughts:

- joint accounts provide you 2 x £50k = £100k of FSCS protection.
- you might want to limit yourself to £47k per institution in order to allow some headroom for interest payments.
- you could place £570 x 12 = £6,840 in to an easy access account (e.g. The AA at 3.15%) and rather than taking monthly interest from the whole £250k just draw out £570 a month from there.
- Northern Rock and National Savings have an implied 100% guarantee to savers.

zogg

Thanks to both who replied. I am now considering a different approach !!!!!!!!!

ses6jwg

ftse 100 to rise, £10,000 a pip?

or the 3.45 at cheltenham?

zogg

ses6jwg wrote: »

ftse 100 to rise, £10,000 a pip?

or the 3.45 at cheltenham?

I really don't have the bottle.....:eek:

And the wife would................well you know !

Primrose

Check out the institutions in the table here (http://www.moneysavingexpert.com/savings/safe-savings) for those that don't share the same banking licence for the £50K individual or £100K joint compensation limited and then look for the ones which offer the best one year deal with monthly interest.
I believe Moneysupermarket.com have a section on Savings which will list all those institutuions which pay monthly interest.