Where to 'park' £90k, short term..?

Charlton_King

This must have been raised many times before but I have a short term situation, in between house sale and purchase, where I shall be in receipt of c£90k and I don't want it sloshing round my Co-op bank account.

The interval is unknown but may be up to 2 months.

Can anyone suggest an account which would be close to instant access but still generate a few pounds in interest?

xylophone

Try NS&I? http://www.nsandi.com/savings

Charlton_King

Thanks for that. Any other ideas, please?

innovate

Charlton_King wrote: »

This must have been raised many times before

Yes it has

Charlton_King wrote: »

Thanks for that. Any other ideas, please?

Yes, browse the forum.

socrates

Charlton_King wrote: »

Thanks for that. Any other ideas, please?

No other ideas needed that is the best option for your particular situation

grizzly1911

Interesting that NS&I is now a best buy.

Anyone know how easy the income bonds are to use on line?

How responsive is it/are they to electronic receipts/withdrawals. Is there much of a lag or is it same day - thinking about using it for my float?

gkerr4

Slight issue with these, the income is only paid out to an external account - so no compounding. But also, the income is paid gross in all circumstances. Fine if you are a non tax payer, but if you are, them you'd need to declare them which risks putting you into the world of an annual tax return, which is a PITA.

That's my understanding anyway?

Also, once tax is taken into account, they aren't as competitive to put them as a "best buy" on the site, IMO of course.

opinions4u

gkerr4 wrote: »

Also, once tax is taken into account, they aren't as competitive to put them as a "best buy" on the site, IMO of course.

Ignoring current accounts for a moment, what's better as an easy access savings product?

2010

For an "up to" two month period and needing easy access, as O4U says, the only option is an easy access account which pay`s the princely sum of 1.7% before tax.(if you`re lucky).

http://moneyfacts.co.uk/compare/savings/easy-access-accounts-with-bonus/

Rates are crap but at least you`ve got somewhere better to put it in two months!!!!!!!!1

ColdIron

One issue with NS&I accounts is they can take a while to set up. I don't have any income bonds but when I set up their Direct Saver they posted forms to sign which can take up to 5 days (14 in my case) and you can reckon on another 5 before it's up and running so if you are going this route I'd get onto it sharpish

jabba42

http://india.deposits.org/accounts/bank-of-india-1-year-term-deposit.htmlphoned the Uk office, you can even open an account there