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£250.000 short term thoughts
gazpacho_uk
Posts: 241 Forumite
I have £250.000 currently in my regular account. we are going to use most of this towards the purchase of a property once our current house is sold, but as we are now into the Autumn and the house has only been on the market for a week, i do not really envisage a slae before the new year.
What ideas (if any) would you suggest I do with the £250.000 which will enable immediate access should I need it which will also give the best return with a rough pencilled in time of selling/buying property in Jan/March 2014
What ideas (if any) would you suggest I do with the £250.000 which will enable immediate access should I need it which will also give the best return with a rough pencilled in time of selling/buying property in Jan/March 2014
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Comments
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None really. I would put it in more than one account as the goverment guarantee on deposits is limited.0
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Radiantsoul wrote: »None really. I would put it in more than one account as the goverment guarantee on deposits is limited.
There is no government guarantee. It's an insurance scheme run by the financial services sector and it's only as good as the deposits it can get it's hands on from others. In any really serious banking failure scenario, it'll be worthless.'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0 -
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Interest rate not brilliant but at least the money is all in the same place.0 -
would it be worth opening a couple of the santander 123 accounts, depositing the mak 20K in each and set up DDs to benefit from the 3% if it is paid montly ? At least that will be 40K doing something for me ! we are looking at opening two ISAs too to help0
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Radiantsoul wrote: »None really. I would put it in more than one account as the goverment guarantee on deposits is limited.
It is not a government guarantee. It's the FSCS guarantee, which is an industry scheme.0 -
options:
20K in 2x Santander accounts paying 3% each - deposit 500 pcm + 2xDD
2K in 2x Nationwide flexdirect accounts paying 5% each - deposit 1K pcm
2x ISAs depositing max amount0 -
2.5K in NW £5K total'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0
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Radiantsoul wrote: »None really. I would put it in more than one account as the goverment guarantee on deposits is limited.
You mean, "in more than one bank", not more than one account.
By "bank", we mean "banking licence", of course, ignoring the superficial branding.
Helpful MSE article here: http://www.moneysavingexpert.com/savings/safe-savings
Three distinct banks covering £85k each should do it.
Warmest regards,
FAThus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...THE WAY TO WEALTH, Benjamin Franklin, 1758 AD0
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