Where to £110K?

mummygray

My family and I are relocating and have sold our house. We will be renting for a year and so have approx £110K to invest one way or another. Once we are settled in the new area we will be looking to buy so the investment will probably only be for a year, but may be a little less. I would like to be able to access the money if needed so nothing locked in. Ive looked at what's on offer and I'm so confused as to what is the best way to go! I like the look of the Santander 123 account but not sure I want the hassle of changing both mine and my husband's current account and the faffing around of DD's and monthly credits! Any advice gratfully received, thank you.

Nicholas-bloody-Parsons

Think if you only have one year time frame then the safe thing to do is an instant access or 1 yr fix savings accounts, spread across 2 banks for safety.

Im afraid the saving rates are dreadful at the moment. We are all screwed.

The santander account will pay you a max of £76 in interest minus charges over the year above holding the equivalent in a savings account. As inevitably you will have to hold less than £20k inorder to operate it, it may turn out to be less.

xylophone

Why not a joint account? £170000 protected http://fscs.org.uk/protected/retirement-savings/?gclid=CNLVhMOWgbYCFePHtAodbyMAfg

If you have not used your isa cash allowance for this tax year you could each open a cash ISA. You could do the same on 6 April for new tax year.

Interest rates are poor. http://www.thisismoney.co.uk/money/saving/article-1583859/Best-savings-rates-General-savings--Internet-branch.html