Short-term savings account for £170k

Teagy.expert

Hi,

I would be grateful for some advice on short-term savings options. We recently sold our house and will be in rented accommodation until we find a new property to buy. I wonder if there are any decent interest-paying short-term savings options for the proceeds, about £170k? It would have to be an easy access account style solution as we want to be able to move fast in case we find the next house quickly.

Thanks

Thrugelmir

NSI for large sums of money with instant access.

amblonia

Have a look around at easy access accounts. The one at Kent Reliance comes to mind paying 1.4% variable. No limit on withdrawals. You're best to consider opening two accounts, one in each name for £85,000.

TBC15

Half and half with Marcus 1.5% very quick and efficient.

Shedman

An alternative to Marcus is Cynergy Bank (formerly Bank of Cyprus) also offering 1.5% easy access. I found it very quick to open the account online (online ID verification) and straightforward to transfer funds in and out.

However be aware that the interest is only paid on each annual anniversary (or closure i guess) rather than monthly (which actually suits me as it throws it all into next tax year).

By the way you do have 6 months FSCS protection for temp high balances up to £1m in a single account for sums such as those deriving from a house sale (6 months is from date of receipt of proceeds I believe) but as suggested above still probably wise to split to keep below the £85k limit