What should we do with our cash?

Holesinmypockets_2

Hello,

My OH and I are in the process of selling our house and since we are relocating to a new area plan to rent for 3 - 6 months to get to know it a bit better before we buy.

We have approx £100,000 equity in our current property (after clearing debts and paying fees etc). What kind of account should we look at (where we would have access to use it for the new place when we get around to buying) and where we could draw off the interest? Approximately how much interest would it generate?

(Sorry really have no idea - trying to think of a suitable / affordable level for the rent and thought the interest could help us with it - want to keep all the equity to put towards the new house).

All help / advice would be much appreciated.

CLAPTON

if you need instant access then a savings account is best.
if you get 6% EAR then in a year thats £6000 on 100k or 500 per month gross or 400 after standard rate tax.

Holesinmypockets_2

CLAPTON - your a star thanks for that. :T

Looks like we can afford to rent without dipping into the equity.:beer: