Short term investment

saramck

In a few weeks time we will have £360,000 to invest from the sale of our home, whilst waiting for our new flat to be built - we hope this will be by February next year!! Any ideas on where to put the money to produce a monthly income to pay for rent on flat in meantime?? we are both retired but pay tax and have used up our ISA's for this year. Thanks a lot.

jem16

9 months is too short to consider any form of investment unless you are very, very high risk which I doubt.

You will really only have savings accounts.

Icesave has a monthly interest option.

Primrose

If you are sure you can leave the money invested for a year, a One Year Bond might be suitable as many of them will pay a monthly interest option. Birmingham Midshires are currently offers 6.06% for a monthly interest option. However, if you are definitely looking at only nine months, ICESAVE internet bank looks one of the best safe deals, and you can opt to receive monthly interest. Just remember that if you're on the move, you will have to produce proof of address documentation for Money Laundering purposes to set up any new account so once you've sold your house you will need to think about what new documentation you can produce for this purpose as your rental payments may include Council Tax so you might not get a council tax bill. To save yourself hastle, why not decide quickly where you want to invest and set the account up now with a nominal sum (ICESAVE is £250, others require less) while you have all the relevant current utility bills, etc. and then add to the account later when the house sale proceeds become available, and notify a change of address then.