Best place for very short term large amount?

Janie_Zebra

Hi

Wonder if I could pick your brains?

We've just sold a house that was left to us in a will. We're buying a new place, there is a 2-3 week gap within these two dates (solicitors etc argh!!) :mad:

Question is, where is the best place to put a large amount investment (large to us, £300,000 plus) to earn a little for us for a few weeks? Will need a no notice account of some sort, we are thinking NS&I Income bonds (1.25%) but hoping it will be something rather than nowt.

Would it be best to split this between hubby & wife to cover us for the £85k safety thing?

Any info would be great, all of this very new to us! :beer:

Ifts

Easiest would be to go with NS&I Income Bonds for the short time you will need it for and also with NS&I there is no need to split it between the two of you for the '85K safety thing'.

NS&I Income Bonds interest is paid gross - The interest is taxable, but paid without any tax taken off. Are you a taxpayer? You’ll need to declare your interest to HM Revenue & Customs and pay any tax due. Opening a joint account? You’ll both need to declare your share of the interest.

Get the ball rolling asap if you want to get something (~£70 a week with the NS&I income bonds) on this £300k,

or BM Savings (issue 17) Online Extra @ 1.5% with easy access (~£85 a week)

Janie_Zebra

Brilliant thank you!!!

saintalan

Depending on where the money is now, if you want to avoid CHAPS fees, you may not find it as easy as you think to move money in one go as banks have limits on Faster Payments and Debit card transactions.

Could eat up the little you get on interest.

Alan