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Where to save house sale money temporarily?

We're in the middle of selling our flat and unfortunately haven't found a house to purchase so will temporarily be moving in with family.

As a result we're due receive around £60k from the sale of our flat, however, we will need access to this money for our next purchase but don't yet know when that will be!

Is there anywhere we can store the money short-term and make a little interest or should we just let it sit in our existing bank account?

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Is there anywhere we can store the money short-term and make a little interest or should we just let it sit in our existing bank account?
    I suppose it depends on whether you want over £50 a month in interest (at 1%) in a savings account or not.

    I know what I'd do, but what will you do?
  • I'd really like to make some interest on it but don't want to make the wrong choice incase we end up needing the money right away.

    I've just seen the thread on Ulster Bank but quite alot of negative there that it's put me off.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I'd probably just dump it in Tesco to be honest, especially if you're looking at 6 months max.
  • ColdIron
    ColdIron Posts: 9,544 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Something like a Tesco Internet Saver perhaps? Simple to open and easy to operate
    http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html
  • I'd go for the west brom websaver at 1.2% assuming you will withdraw it all in 1 transaction
    I need a better signature
  • Thank you both, that looks more like what I'm looking for and I already have Tesco Bank Account myself :)
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Just be aware you probably won't be able to get it all out on the same day. Even on the phone it used to be limited to £50K. Maybe consider getting one each?
  • dales1
    dales1 Posts: 241 Forumite
    Seventh Anniversary 100 Posts Name Dropper
    edited 19 August 2017 at 9:54PM
    ..and surely the Tesco account rate of 1.16% includes a 0.76% annual bonus, which the OP will probably not qualify for on a temporary deposit.

    Dales
  • ColdIron
    ColdIron Posts: 9,544 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    They pay the standard interest on 31/03 and the bonus on the anniversary of account opening but if you close the account they'll calculate it all daily and pay it wherever you want

    Edit: every time they increase the interest I open a new one and close an old one. I'm on my 7th now :)
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