60k - where to place for best interest for 5 months?

Savermum

Hi we have ended up in a situation where we are going to have £60k for approximately five months sitting in our current account that earns zero interest (literally). We want the money to work for us whilst we have it. The amount won't change for the first two months and then will regularly decrease and therefore we need unpenalised instant access. We are considering maxing out both of our isas but at the most that will only take £30k of the £60k.

I appreciate the amount is not going to make a huge amount of interest but anything is a bonus.

Any suggestions?

Thanks

jimjames

ISAs would be pointless when you can get 3% on that money with Santander and between 3% and 5% with various other banks.

All with current accounts so instant access.

YorkshireBoy

Savermum wrote: »

Any suggestions?

Just a little lower down the board from earlier today...

Short term for £45K

I'd imagine the responses given to that question would also suit you?

However, if you're insistent on using/would rather use cash ISAs you'd have the entire £60K in there within 10 weeks. Just dump the other £30K in a savings account until then.

I appreciate the amount is not going to make a huge amount of interest but anything is a bonus.

You'd need to make your own cost/benefit analysis on whether the "bonus" (of using high interest current accounts) is worth the effort required (in setting it all up)...especially since you haven't provided any indication of drawdown profile.