Short term investment advice needed

sondheimsoc

My Mum (aged 82) wants to move into sheltered accomodation. There is a waiting list for both places she'd like to live in and the only way to be able to ensure that she can move if anything comes up is for her to sell her current home and move into rented accomodation so she's ready when the time comes. We have a buyer for her bungalow and everything is proceeding towards a complewtion in late Jnuary / early February.
My question is, where would be the best place to put the sale proceeds (likely to be about £190,000) in the short term whilst we're waiting for a property to come up? The money could be not required for an unknown amount of time but I'm hoping she will be able to move within 3 - 6 months.
thnaks
Lynne

marathon_man_3

In today's low interest environment, it is difficult to find any decent rates and things could easily get worse before you have the funds available in January/February.
As it stands now, however, I would place some money (the maximum £85k that is guaranteed) with First Save who are in the Uk's compensation scheme and, based upon my own experiences with them, seem to be very efficient.
Currently, you can get 2.6% gross for 6 months and/or 2.5% gross with 90 days notice (could be for only a 3-month deposit where you give 90 days notice to withdraw when you put the funds in but could be for left for longer than 3 months).
The link is here:
http://www.firstsave.co.uk/accounts/index.html