Temporary house Equity saving account

stress_head_5

We have just sold our house and are moving into rented accomodation as we are buying a new build property which wont be ready for six months.

My question is what is the best thing to do with the equity during the six month period? We have about 50k and don't really fancy leaving it in our current account and would like to make a bit of cash out of the interest. Obviously it has to be fairly readily acccessible for when we come to complete.

Thanks for your help in advance.

ReportInvestor

A top straightforward account for six months instant access is Birmingham Midshires internet 6 account @ 5.2%.

Here's a link to BM for you

stress_head_5

Thanks for that it looks good. The only draw back is that the interest is paid annualy. Are there any that pay monthly at a simlar rate.

I know, I dont ask for much do I !!

cheerfulcat

Ask your bank whether they offer a money market account.

ReportInvestor

Do you want to spend the monthly interest? BM would pay the interest after x months on closure of the account at the end of any term you choose.

Or you could take money out of your capital monthly to your current account if you wanted.

It's the same difference.

Moggles_2

Alternatively, the Abbey eSaver and Citibank Flexible Saver would seem to be taylor-made for your requirements. Both pay 5.2% gross on balances of £50,000 plus for the first 6 months of account opening.

These instant access accounts come with a card as well, so you can withdraw cash at any VISA/Link ATM.