Short Term Investment/Savings Advice

sealski

Hi,

I have £200,000 and will be buying a second house. Completion should be in 4 to 6 weeks. I am looking for somewhere to place the money to gain maximum interest. I am hoping someone here can give me some advice

Simon11

Whats the point in investing just for 4 weeks? Its also going to take time to set up an account, making it rather pointless. Keep the money where it is and then it upon completion, you have the money ready in your hand to make it quicker.:D

sealski

Thanks for your reply Simon11. I agree, that to keep thinks simple, I shall keep the money where it is, however, Because I like to maximise my profits, £200,000 should be able reap in the region of £300. Which could pay for a nice weekend away for the family

opinions4u

Simon11 wrote: »

Whats the point in investing just for 4 weeks? Its also going to take time to set up an account, making it rather pointless.

You can open an account in a branch of a typical bank in about 20 minutes. Even if it only gets you a 2% rate that works out at £306 gross in 28 days.

Worth the effort.

sealski wrote: »

Thanks for your reply Simon11. I agree, that to keep thinks simple, I shall keep the money where it is, however, Because I like to maximise my profits, £200,000 should be able reap in the region of £300. Which could pay for a nice weekend away for the family

So don't keep it where it is. Move it to the best paying easy access account with the bank you currently have your current account with (but make a phone call to check that you can easily move it back to the current account when you need it).

Halifax - Web Saver Extra 2.6% (note the 1 withdrawal restriction)
Nat West - eSavings 1.0%
Barclays - eSavings Reward 0.85% (1.26% if you don't withdraw)
Lloyds TSB - eSavings 2.50%

JamesU

sealski wrote: »

Thanks for your reply Simon11. I agree, that to keep thinks simple, I shall keep the money where it is, however, Because I like to maximise my profits, £200,000 should be able reap in the region of £300. Which could pay for a nice weekend away for the family

Best also ask again a few days before expected completion and funds transfer, the rates on accounts are that unpredicatable these days...

JamesU

ESKIMO

Another Mystic Meg request i think.