Short term savings

d4bec

I'm remortgaging my flat and releasing equity to increase my deposit on a house. I will soon receive £40k for approximately one month. Any suggestions as to the best place for this money?

Savings are in ISAs so thats a no go, but it seems a waste to leave the money in a current account.

Thanks!

opinions4u

If your own bank pays over 2.75% that might be good enough. Less likely to be issues when you withdraw.

This link may help:
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

ING paying 3.24% is also promising:
http://www.ingdirect.co.uk/savings/variable_rate/

Every 0.1% is worth around 10p a day before tax.

d4bec

Thank you!

leewon

if your short term refers to anytime less than 1 year, then it is best to put in a bank, or some kind of short term gov bonds, that expires in less and 1 year.
The return is generally low less than 1%

But if you are looking to lock into 1 year to 2 years. then there are more opportunities out there.

Depending on your risk appetite.