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Where to 'park' £90k, short term..?

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?
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Comments

  • Charlton_King
    Charlton_King Posts: 2,071 Forumite
    I've been Money Tipped!
    Thanks for that. Any other ideas, please?
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    This must have been raised many times before

    Yes it has
    Thanks for that. Any other ideas, please?


    Yes, browse the forum.
  • socrates
    socrates Posts: 2,889 Forumite
    Thanks for that. Any other ideas, please?

    No other ideas needed that is the best option for your particular situation
  • grizzly1911
    grizzly1911 Posts: 9,965 Forumite
    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?
    "If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....

    "big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham
  • gkerr4
    gkerr4 Posts: 495 Forumite
    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
    opinions4u Posts: 19,411 Forumite
    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
    2010 Posts: 5,506 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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
    ColdIron Posts: 9,970 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    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
    jabba42 Posts: 137 Forumite
    http://india.deposits.org/accounts/bank-of-india-1-year-term-deposit.htmlphoned the Uk office, you can even open an account there :)
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