House Equity to invest temporarily

count210

Hello,

We are due to sell our current property next month and our new home will not be ready for at least a month.

We will have about £110k equity sat in our current account for a month, until it all disappears into the new house when we complete on it.

i would be grateful for any instant access saving ideas which would give the biggest return for that short time period. Hoping it might at least cover the storage costs for all our house contents whilst we are without a home!

Thanks

shrewsaver

You could open 3 Vantange accounts with LTSB (these are current accounts) and put £7,000 into each. These accounts are 4% gross as long as you pay in £1,000 per month but lets say, as you would be paying £7,000 into each account in the first month you would get arount £20 in interest in each one.

You only get the 4% interest on balances of between £5 - 7k.

See here

Mikeyorks

count210 wrote: »

We will have about £110k equity sat in our current account for a month,

See what your existing Bank has on offer. It can take weeks to set up some Savings accounts ..... particularly as you will be between address. Your own Bank shouldn't be an issue.

If you can get a medium rate websaver adjacent to your current account ...... much better bet than searching around. And then having to collect it all together again when your solicitor needs cleared funds 5 days in advance of the new purchase!

Moving house is stressful enough without volunteering for more?

bendix

shrewsaver wrote: »

You could open 3 Vantange accounts with LTSB (these are current accounts) and put £7,000 into each. These accounts are 4% gross as long as you pay in £1,000 per month but lets say, as you would be paying £7,000 into each account in the first month you would get arount £20 in interest in each one.

You only get the 4% interest on balances of between £5 - 7k.

See here

The last time I checked, 3 times £7000 was quite a bit shy of £110,000, but thanks for your contribution anyway. Very helpful.

I don't understand these posts. Why not simply buy a decent newspaper and read the money pages? The Sunday Times has a page every week that gives the best buys currently, based on all sorts of maturity periods.

It's not rocket science.

count210

Bendix - I get the Sunday Times, and read the Money section thanks. I was merely looking for any further ideas that others using the forums may have. The Forum Etiquette states there is no such thing as a stupid question. Whilst I appreciate you see my question as a waste of time, just don't reply, no time wasted for you or me then.

Thanks shrewsaver and Mikeyorks.