Short Term Investment / Savings?

Gaz1980

Just bought a house, but wondering what to do with my money while waiting for the house buying to complete.
I've got all my money - all the deposit in one bank and it's not making any interest.
Wondering where I could move it to for a short time until the solicitors need if for my deposit.

I've got about £80,000 so missing out on some interest while Im waiting.... ?
Thanks.

TheSenSibleOne

Gaz1980 wrote: »

Just bought a house, but wondering what to do with my money while waiting for the house buying to complete.
I've got all my money - all the deposit in one bank and it's not making any interest.
Wondering where I could move it to for a short time until the solicitors need if for my deposit.

I've got about £80,000 so missing out on some interest while Im waiting.... ?
Thanks.

How long until house sale completes? Are you waiting for chain to buy? Or for tenants to leave etc etc??

For now throw it into the highest paying easy access account. Anything else and you will have to tie your money away for too long or not earn anything

xylophone

http://www.money.co.uk/savings-accounts/instant-access-savings.htm

Phill_Anderson

If you have got time for 6 months or 1 year to buy the house then you can invest your money in Real Estate or any other short term investment plan which give you good interest in return.

opinions4u

Phill_Anderson wrote: »

If you have got time for 6 months or 1 year to buy the house then you can invest your money in Real Estate or any other short term investment plan which give you good interest in return.

Idiotic high risk suggestion.

TheSenSibleOne

opinions4u wrote: »

Idiotic high risk suggestion.

Yup, terrible advice

R_P_W

Yeah you shouldn't 'invest' it over such a short period of time unless you are prepared to possibily lose it all.

You have the money set aside and it has a specific purpose already assigned to use it buying your next property - so think best thing you can do is find the highest % interest account you can access instantly without any penalty and go with that.

Gaz1980

Thanks for the advice folks. All my money's now been paid to the solicitors. No moving in date and not happy Im losing money I could be getting in interest now it's sat in the Soliciotors bank account

There's no chain, so can't understand why it's taking so long? (May 4, 2012 is when my offer was accepted).

dunstonh

No chain should be about 4-6 weeks if everything is smooth. The only reason it would be longer is if the solicitor is not aware of a completion date and is just waiting to be told or the vendor has asked them to slow up or not complete until a certain date.

doubleJackD

Phill_Anderson wrote: »

If you have got time for 6 months or 1 year to buy the house then you can invest your money in Real Estate or any other short term investment plan which give you good interest in return.

even "buy gold" would have been better advice

dunstonh

doubleJackD wrote: »

even "buy gold" would have been better advice

And that would have been an awful decision as well. So, it just gives you an idea of where it sits in the pecking order.