£190k in savings until Mid-Jan 2015

PavlosEgg

Hi all

My wife and I have received £190k as a gift. We'll be using £140k as a house deposit, currently due to complete in mid-Jan 2015. We'll probably be using two thirds of the remainder to do things to the house.

So my question is - what should we do with the cash between now and then? We currently have no savings or ISAs. We bank with Nationwide who suggested £15k in their Flexclusive ISA @ 1.5% and the remainder in their Loyalty Saver @ 1.3%.

Ideally I want something easy to set up, easy to withdraw, and not have to split it into too much (far too much going on elsewhere to want the hassle).

Any thoughts?

Cheers
Pav

xylophone

You could put the lot into NS&I Income Bonds.
http://www.nsandi.com/savings

PavlosEgg

Thanks. So what benefit do income bonds have over the Nationwide Saver account?

YorkshireBoy

PavlosEgg wrote: »

So what benefit do income bonds have over the Nationwide Saver account?

Did you read the link?...

And because NS&I is backed by HM Treasury, you can be confident that all the money you invest in Income Bonds is 100% secure.

With Nationwide you're only 'protected' to £85K each, should they go bust.

2010

NS Income Bonds are paid gross.


Although the interest is taxable, we don't deduct the tax ourselves – so if you're a non-taxpayer you won't need to fill in an HM Revenue & Customs form to receive your interest gross.
If you are a taxpayer, you will need to declare your interest and pay any tax due. We'll send you a statement before the end of April each year, showing how much interest you've received.