Best Interest Rates

JCS85

I am due to complete on the sale of my property at the end of October and after paying off my mortgage will be left with just over £100k. While looking for my next purchase I will be living with parents. Therefore I could be left with £100k (that will be needed to purchase property number two) sitting in my bank account for several weeks/months depending upon how quick things go.

I may obviously need access to this money at any given time, and was wondering what accounts offer the best interest rates as (while we're not talking millions) its a fair bit of money to have sitting in the wrong account when I could be making better interest elsewhere.

Any advice??

eskbanker

There are a number of current accounts where you can earn 3-5% interest, see http://www.moneysavingexpert.com/savings/savings-loophole for details.

However, it's unlikely to be viable to set up the multiple accounts you'd need to hold £100K, so best use http://www.nsandi.com/savings-direct-saver for a safe short-term deposit facility. Interest is pretty average but it's all protected (other accounts will be capped at £85K FSCS protection).

Other traditional savings accounts are at http://www.moneysavingexpert.com/savings/savings-accounts-best-interest