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Where to 'park' £90k, short term..?

Charlton_King
Posts: 2,071 Forumite

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?
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?
0
Comments
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Try NS&I? http://www.nsandi.com/savings0
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Thanks for that. Any other ideas, please?0
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Charlton_King wrote: »This must have been raised many times before
Yes it hasCharlton_King wrote: »Thanks for that. Any other ideas, please?
Yes, browse the forum.0 -
Charlton_King wrote: »Thanks for that. Any other ideas, please?
No other ideas needed that is the best option for your particular situation0 -
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 Muruganantham0 -
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.0 -
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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!!!!!!!!10 -
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 sharpish0
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http://india.deposits.org/accounts/bank-of-india-1-year-term-deposit.htmlphoned the Uk office, you can even open an account there0
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