About £100K to save short-term - Any advice

Hot_Vimto_2

Hi all,

Myself and my wife have just sold our house. It's all going through at the moment but we can't find anywhere appropriate to buy just now. To cut a long story short we will be renting and keeping a very close eye on the local market in the hope that something suitable becomes available in the new year.

We are not doing this hoping to 'play the market' hoping for a crash. However we are pretty confident that prices won't run away from us before we find somewhere.

We will have about £100K equity to hang on to so I just wanted a quick sanity check that my plans for this wedge were right. They are:

1. Maximise both our cash ISA's now and again in April.
2. Find the best buy instant access savings account and put the rest in my wife's name. She is a lower-rate taxpayer than me.

That's it.

Am I missing something? - this all seems a bit easy!

Any ideas?

Thanks a million.

ramagel

Hot_Vimto wrote: »

Am I missing something? - this all seems a bit easy!

We've been thinking about the same problem with a bit larger sum.

I think it seems that easy because that's all we've found to be possible in a 'low risk & easy access' way. This question is asked frequently on "Money-box Live" and I'm pretty sure that's the only answer ever given.

Not much extra help, I'm afraid, but maybe just confirms what you have found, which is sometimes a help in itself.

CCCele

I did option 2 for six months while looking.

Hot_Vimto_2

Thanks for the input. As you say - It's helpful just to know I'm not missing anything! Cheers.

Blowsy

Just to be completely anal I'll remind you that in the highly unlikely even that your bank goes belly up you'll only receive £35k per account holder from the Financial Services Compensation Scheme so if you're really risk averse you might want to consider splitting your capital between institutions, however, you're interest rate will likely suffer as a result of smaller individual investments

Hot_Vimto_2

Thanks Blowsy - Fair point. I'm happy with it all being in one pot though - cheers