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Best Short Term, Daily Interest Account for £0.5M from House Sale
halfmanhalfamazing
Posts: 2 Newbie
Hi,
We recently sold and vacated our house to end a chain, and wont be moving into our new one for 3-4 months once that chain completes.
We are now in a situation where we have ~£500k in HSBC
earning 0.1% :eek:
We are keen to temporarily put it into a different bank to earn some reasonable interest. FSCS covers us up to 6 months up to £1M with FSCS banks, so thats ok.
Ideally we are looking for daily interest as we will need instant access and might lose a month.
ICICI seems to come out top (monthly interest though) but their rates are quite confusing!
Any suggestions from the infinitely wise MMS gang?
Thanks
We recently sold and vacated our house to end a chain, and wont be moving into our new one for 3-4 months once that chain completes.
We are now in a situation where we have ~£500k in HSBC
earning 0.1% :eek:We are keen to temporarily put it into a different bank to earn some reasonable interest. FSCS covers us up to 6 months up to £1M with FSCS banks, so thats ok.
Ideally we are looking for daily interest as we will need instant access and might lose a month.
ICICI seems to come out top (monthly interest though) but their rates are quite confusing!
Any suggestions from the infinitely wise MMS gang?
Thanks
0
Comments
-
To be honest, just for 3 or 4 months, I wouldn't go near ICICI as their processes are a bit cumbersome and long winded. You'd get max £150K in there only, anyway, if you want FSCS protection
http://www.nsandi.com/ will safely take your entire cash. Not the best rate, but least hassle.0 -
I've never heard of an account that pays interest daily but most easy access ones will be calculated daily so you won't be disadvantaged if you take the money out mid month0
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