Very Short term savings

Smitn

Hi can anybody advise where i could place circa £200k property equity between the sale of my house and purchase of new house following construction?

this will only be a period of 4 - 8 weeks?

any advice would be much appreciated.

Daniel_Elkington

Cash, I assume you can't afford to lose any?

There are a few instant access accounts

moneyadviceservice.org.uk have comparison tables under the tools tab, they usually allow you to specify term etc.

mgarl10024

Smitn wrote: »

circa £200k

Not all in the same place would be my first thought.
"Institutions" not "banks", so something with a licence (check which banks share licences), is guarenteed upto £85k by the FSCS. If they go bust, you're protected upto that amount.
Allowing for interest, I'd recommend perhaps £80k in each.

Realistically the chances of it happening in the 4-8wks you have in mind is very small, but not sure I'd risk it.

Edit: better description here: http://www.moneysavingexpert.com/savings/safe-savings

getmore4less

Instant access on-line account,

Probably best if the place you bank with has one so easy quick to move when needed.

I would take the risk the bank fails for that amount of time.

otherwise it is 3 accounts or more if you want faster payments

You could ask your solicitor what they will pay on their client account if you leave it with them

calypso_rhapsody

I agree with getmore ... indeed i have done as he advises myself with money for a house purchase in a Bank of Scotland account for a couple of months while the legals dragged on ...

If it is a joint account FSCS covers £170k ....

innovate

aamkeri wrote: »

You should go to your bank and see if they have a financial planner on staff. Sometimes it's free to see them if you have an account there. Moises Maionica helped me to get out of financial stress.

A financial planner one like Moises Maionica will be able to direct you to the best appropriate investment product for your situation. Also, they can sit down with you and work out how you feel about risk, how long you want to invest, and what areas of investment you're comfortable with.

NO NO NO NO NO
you do not want to go anywhere near a bank's financial planner with this question, and most certainly you want to avoid Moises Maionica (whoever he/they might be) like the plague - - anytime!

Reported aamkeri as a spammer

isofa

To be 100% safe, open 3 instant access accounts with 3 different institutions (check the lists mentioned above to ensure they are classed as different in the eyes of the FSCS). Online accounts ones will be easiest and quickest to move money (via Faster Payments), and split the money up into 85K or less chunks. e.g. Virgin, Santander, Tesco just 3 at random which are all independent of one another, giving a max 85K x 3 protection (for sole accounts).