We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Short Term Investment/Savings Advice
sealski
Posts: 4 Newbie
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
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
0
Comments
-
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 "No likey no need to hit thanks button!":pHowever its always nice to be thanked if you feel mine and other people's posts here offer great advice:D So hit the button if you likey:rotfl:0 -
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 family0
-
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.Whats the point in investing just for 4 weeks? Its also going to take time to set up an account, making it rather pointless.
Worth the effort.
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).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
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%0 -
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...
JamesU0 -
Another Mystic Meg request i think.Young At Heart and Ever The Optimist: "You can't sell ice to Eskimo."
Waste Not, Want Not. - Reduce. Reuse. Recycle.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards