Short term saving account

toolman_2

I will shortly have just over £100K from the release of equity from a property which i am planning to use to buy a property in Italy.
What is the best short term plan? Should i just put it in a savings account?

badger09

toolman wrote: »

I will shortly have just over £100K from the release of equity from a property which i am planning to use to buy a property in Italy.
What is the best short term plan? Should i just put it in a savings account?

How short is short term?

Some of the best instant access rates available are from current accounts. Nationwide 5% up to £2.5k, LTSB & BoS Vantage 3% up to £30k (in 3 accounts each), Santander 123 3% up to £20k. All have a few hoops to jump through, which might not be worth it if you're talking very short term.

In that case, you might want to split between 2 institutions or put in a joint account to preserve FSCS protection.

benalder284

If you need the money for a specific purpose within a short and defined period of time - I would save in a savings account (see MSE guides for current best rates) rather than considering investments at all.