Safe money

Mat86

We will be moving out of our home at the end of the month, we need 4 safe institutions (not linked) to put some money for a short period, maybe 4 - 6 weeks with instant access. Can anyone advise please?

Mat86

Paul_Herring

For that short period of time I wouldn't bother splitting the money up if it means opening new accounts - your current account would probably be sufficient. Or an instant access savings account with the bank you have your current account with.

KingL

..but the MSE official guide is here

click on the text saying "Alternatively see a full list of all banks" for a pretty graphical version

Paul_Herring

That's the savings guide - where people want to put money away for months to years.

This is only for 6 weeks.

Unless you're expecting one of the big bank to fall flat on it's rear in the very short term, I don't really think it's worth the hassle to go and open accounts just to make sure there's less than 50K in each, only to pull it out again less than a month later (which is the timescale you'll be talking about by the time you've opened the accounts, got the welcome packs, moved the money from the first account it's in, then moved it all back in time for it to go where ever it's needed 6 weeks from now.)

ed123_2

...you could put it all in ns&i direct saver account...it only pays 1.75% but is 100% guaranteed but it would probably take a couple of weeks to open so open with £1 online before you transfer in proceeds of sale...

alanq

Paul_Herring wrote: »

For that short period of time I wouldn't bother splitting the money up if it means opening new accounts - your current account would probably be sufficient. Or an instant access savings account with the bank you have your current account with.

The OP says "we will be moving". If the house is in joint ownership then a couple can get £100,000 protection per banking group in joint bank accounts. We are being asked for four institutions so potentially there could be £400,000 pounds involved. Even at 2% net interest that could earn several hundred pounds in 4 weeks. Worth the effort I'd say.

I support the NS&I suggestion. Also Northern Rock only has the usual FSCS limits but it is still 100% government owned so I don't see how it can go bust before it is sold off.