Safe place for my house deposit

Weber

After a bit of advice. Having sold our house and now in temporary (up to 1 year) in rented, I need to put the £400k into some secure schemes. It's currently sitting a current account and I don't feel secure even though it's a big bank.

I'm after a reasonable return but don't have the time to set-up multiple accounts and constantly transfer monthly payments.

I was thinking about sticking 3 x £75k into government bonds, but that still leaves me with £175k to stick somewhere. I would need fairly quick, (within a month) access to it in case we find the next house.

What are your thoughts?

Archi_Bald

It is safe for 6 months in any ban but best if you move it to NS&I asap. You don't have to split the money as NS&I is Treasury backed and up to at least £2m is safe there.

xylophone

NS&I Income Bonds for the whole £400,000?

http://www.nsandi.com/files/published_files/asset/pdf/income-bonds-brochure.pdf

Weber

Thank you very much, appreciated.

bigfreddiel

xylophone wrote: »

NS&I Income Bonds for the whole £400,000?

http://www.nsandi.com/files/published_files/asset/pdf/income-bonds-brochure.pdf

Absolutely this will pay you about £400 per month gross, so there may be some tax to pay when you complete your SA, if you do one, otherwise call your local tax office.

You can earn £1,000 tax free next fin year. If married split it 50:50 between yourself and partner, then you can earn £2,000 tax free, maybe more if your wife earns near the personal allowance.

Cheers fj