Short term best interest

Shanti0912

Morning everyone

Having just sold my property, complete on 29 June. Where are the best places to keep £180k and gain some interest whilst I'm looking for a new property?

Santander 123 account and M&S look good. I'll be switching my main current account from Barclays, will be mortgage free but obviously will have bills to pay.

Thanks

macman

Up to 3 S123 accounts if you have a partner: one sole one each, plus a joint one-that takes care of £60K.

Shanti0912

Thanks macman. No partner. One a/c with S123 and then two amounts with two other banks/ BS but which to choose?

colsten

You will only find interest paying current accounts for a total of £50K of your funds.

People in your situation should be considering one of the NS&I savings accounts as your money will be safe beyond £85K. They pay measly interest like all other savings accounts atm.

xylophone

You can use high interest current accounts for up to £50,000 and then spread the rest between savings accounts.

Or you might consider NS&I Income Bonds - interest paid gross, monthly @1.26%.