Short Term Savings

Skeets

I am giving my daughter £20,000 towards the cost of an extension to her house. The money has come from the proceeds of a relative's estate and is in my current account, not earning any interest. The work on the extension is unlikely to start for a month or two. Anyone like to recommend somewhere where I can get at least some interest. I'd be able to give a month's notice of withdrawal

opinions4u

Take a look at what easy access accounts your bank offers first. These can usually be opened quickly and easily online so may avoid messing about with ID etc.

Aim for a rate of 2.75%+ if you can.

Other options:

Derbyshire Building Society, Birmingham Midshires, Tesco, ING, AA, Halifax, BoS. There will be more out there.

This link from the top of the page can help.

Don't worry about notice. The easy access accounts invariably beat notice accounts these days!

Skeets

Many thanks for this helpful advice. I'll get weaving on these

alanq

As the savings are for a particular purpose unless numerous withdrawals are required consider an account which allows a limited number of penalty-free withdrawals if it will give you a better interest rate. (e.g. Coventry BS Online Saver 3.15% AER variable 4 penalty free withdrawals. Further withdrawals lose 50 days interest.)