Short term large savings

swb99

Hi Guys
Need some advice. I have recently sold my house and gone into rented in order to be in a better position when the right house comes up. So i'm lucky enough to have a large amount of money that will be used to buy the next house but in the short term i need advice on what the best thing is to do with it as it sits there in the bank.
Its 200k
Thanks
sii

psychic_teabag

You probably want to split it across 3 banks, to stay within the £85k compensation limit.

After that, I guess it depends what timescale you expect to buy - days / weeks / months / years.

swb99

Yes will be switching to 3 banks. As for timescale - i'm hoping under 6 months. It has to be flexible incase i have to use the money.
Thanks
Sii

psychic_teabag

Well, yeah, in that case you'll just have to go with 3 instant-access accounts. You're aiming for around the 3% interest mark.

xylophone

http://www.moneysavingexpert.com/savings/safe-savings?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar#whatcounts
http://www.moneysupermarket.com/savings/easy-access-accounts/

swb99

thanks guys