£250K to invest

mickmy

Hi i'm in the process of selling my house and will have £250K to invest for between 6 months to 1 year but will need access to some of it….any ideas ?

AnotherJoe

National savings Direct Saver.

Generally "invest" implies longer term than a year, things like funds and shares none of which are appropriate. You also have the issue of the large size the sum and the £75k limit on bank failures.

mickmy

Thanks but i'm just looking for a general access account that pays the most interest on this sort of sum

kingrulzuk

mickmy wrote: »

Thanks but i'm just looking for a general access account that pays the most interest on this sort of sum

http://www.nsandi.com/income-bonds

AnotherJoe

kingrulzuk wrote: »

http://www.nsandi.com/income-bonds

Thats better than my suggestion. Didn't realise the Bonds allowed withdrawals without penalty.

One other thing occurs. You said 6 months to 1 year. If a large part isn't needed for one year then you could buy some one year bonds spread over a variety of establishments that will pay a bit over the 1%. But they will then be locked away for that year.
http://www.moneysavingexpert.com/savings/fixed-rate-savings#oneyearfixed

Linton

mickmy wrote: »

Thanks but i'm just looking for a general access account that pays the most interest on this sort of sum

You are not going to find a high interest bank account which will accept £250K. The high interest accounts are marketting loss leaders to attract customers and so are restricted to what are from the banks' point of view small amounts. Your best bet as others have said is NS&I.

bigadaj

The OP could split it, bulk into ns&i, but maybe three Santander 123 accounts as well, if there is a partner.

Would be easier for access potentially and earn that but more interest, depending on santanders response to the boe base rate cut.

paddyrg

Remember your protection is £75k/person/group *Not per account* so multiple accounts with the same group may leave some principal unprotected.

I am unsure if this limitation applies to NS&I, as that's different.

Linton

paddyrg wrote: »

Remember your protection is £75k/person/group *Not per account* so multiple accounts with the same group may leave some principal unprotected.

I am unsure if this limitation applies to NS&I, as that's different.

NS&I is fully guaranteed by the government, there is no upper limit other than the maximum investment which is £1M or £2M depending on the product.