Where to keep £800,000 cash

skitler

it would be good to know,




where the op put her dough.
oh look it rhymes.:rotfl:

asakusa

Thanks for replying everyone.

lennyaitken wrote: »

Best way is to split money and have them in few different accounts but also get the highest rates possible, that way you will earn over the time

I don't think we'll be depositing the money for more than 6 months.

innovate wrote: »

Sounds a great theory but precisely how would you turn it into practice? Can you list the accounts & rates that you would suggest? How much more would you be able to make compared with NS&I?

£800,000 x 1.1% NSI = £8,000 gross pa interest

£800,000 X 1.5% spread over 10 savings accounts = £12,000 gross pa interest

£4,000 pa difference or £2,000 over 6 months and time spent opening 10 different savings accounts.

grahamgoo wrote: »

For me, the whole lot with ns&i would be a no brainer.

I think this is probably the way we will go.

innovate

asakusa wrote: »

£800,000 X 1.5% spread over 10 savings accounts = £12,000 gross pa interest

best of luck finding more than 1 1.5%er with instant access.

Money_Man_Steve

I am in a similar position to the OP, but have had the money in cash for a bit longer (part inheritance, part house sale).

I'd recommend using Ratesetter and lending in the monthly access market. In reality your money is tied up (lent out) for a maximum of 30 days at a time to many different people (ideal when looking for a house) and their 100% fund (provision fund) pays out to cover any borrowers who default. I am currently earning 2.7% on my stash, but even you only got an average of 2% you'd almost be doubling the return on the NS&I account.

(PS. I'm also using all the interest-bearing current accounts and regular savings accounts which allow access at least once every year but these will probably be too much hassle for you for a few months).

Glen_Clark

You got the best answer from the first reply in post 2.
You are going to have enough to occupy your mind with moving house, without trying to find, let alone work around 10 instant access accounts paying 1.5% - Good luck with that

Especially when you can't do your sums

asakusa wrote: »

£800,000 x 1.1% NSI = £8,000 gross pa interest

£800,000 X 1.5% spread over 10 savings accounts = £12,000 gross pa interest