Where to put £170k short term

joanne2460

I've sold my property and haven't found anywhere to buy yet. I will have £170k to put somewhere safe and with the best interest rates for at least two months. Any thoughts most welcome please.

xylophone

Try NS&I Income Bonds if you want to keep it in one place?

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

Or split between accounts elsewhere?

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

lisyloo

Another vote for ns&i income bonds.
You don’t have to worry about the £85k limit. Money is safe as with HM Treasury.

Just be aware that income goes to linked current account.
I was initially confused about a “counter credit”

A good home as you can then decide about better rates at your leisure.

polymaff

Marcus and Tesco


Mean rate 1.475% variable.

jonnygee2

I've sold my property and haven't found anywhere to buy yet. I will have £170k to put somewhere safe and with the best interest rates for at least two months. Any thoughts most welcome please.

Was it your main residence that was sold? If so, then your money is protected if it is any FCSC account for up to six months, so you can take your pick of FCSC protected savings accounts. Marcus has good rates.

If there's a chance it might go on much longer than two months, you'll probably want to put as much as you can into an ISA as you may breach the personal savings allowance and have to start paying tax on the interest :-( .

If it was an investment property / buy to let then your money will only be protected to £85,000 in which case you will want to split between accounts or place in NS&I.

agrinnall

jonnygee2 wrote: »

If there's a chance it might go on much longer than two months, you'll probably want to put as much as you can into an ISA as you may breach the personal savings allowance and have to start paying tax on the interest :-( .

£170K in a Marcus account will earn around £210 a month, so if you plan to use the money in less than 5 months you won't be liable for tax (unless you're earning interest elsewhere, or your income is at a level that your personal savings allowance is £500 or even £0).