Best place for £80k for approx 1 year

mn2203

Hi

A friend of mine has just received £80k as a divorce selttlement, another £60(ish)k to come at some point (hopefully within a year) when some land sells. They would then purchase their own property, so don't want to tie up the cash for too long.

They are a self employed gardener so their income isn't that much, not enough to qualify for the current accounts such as Nationwide even for a small bit of the cash.

Would appreciate any advice - thanks :-)

Kim_13

It's not necessary to earn enough to meet the minimum pay ins of accounts - the money that is in the accounts earning interest can be cycled through them to meet the requirements. Provided an accurate earnings figure is given on the application and the bank accept your friend as a customer, they are free to meet pay in requirements however they wish.

You might find this article useful for a traditional savings account (it includes both instant access accounts and one year fixes) : https://www.moneysavingexpert.com/savings/savings-accounts-best-interest?_ga=2.139843315.1798824297.1513112874-1010848097.1513112873