lump sum

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my husband and I are getting a good sum of money from the sale of our house next week, we want to get instant access and monthly interest, any tips?

opinions4u

www.theaa.co.uk/savings. 2.8% with easy access.

Alternatively, rumour has it Nat West will have a 2.85% eSavings account from tomorrow. This has an advantage of Faster Payments.

They don't pay monthly interest, but you can make as many withdrawals as you like on the AA one. So work out your interest, deduct tax, divide by 12 and make a withdrawal.

(e.g. £100,000 x 2.8% = £2,800 minus 20% tax (£560) = £2,240 / 12 = £186.67).

Cautious_Investor_3

Hi

Don't overlook using your Cash ISA allowances, there are a number with instant access at the moment, the Halifax, Bank of Scotland and Principality Building Society all offer rates of 2.80% with instant access and have the tax benefits of an ISA.

Bear in mind the FSCS compensation limits too.

The Cautious Investor