Suggestions for short-term high-interest easy-access

MikeyDude

Good day to you all. I have a very quick query and hope someone here can help me. I’m in the process of selling my house and it should complete within the next 3-4 weeks. I will have around £520k coming my way. I also have around £60k spread over my four Bank Accounts (NatWest, Revolut, Santander & Starling). So, two quick questions. How do I keep my money safe? Even if I spread the money across the four accounts, each one only covers me for £85k and I really don’t want to open up another three accounts. Also, I’m planning to purchase a property in Barbados and want to know the best way to earn Interest on the money but still be able to take it out when I need it

csgohan4

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

is a good start

premium bonds are useful from NS&I 

sadly not many accounts giving good interest in the short term

xylophone

I’m in the process of selling my house and it should complete within the next 3-4 weeks. I will have around £520k coming my way. 

Temporary high balance. See

https://www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/

Also, I’m planning to purchase a property in Barbados and want to know the best way to earn Interest on the money but still be able to take it out when I need it

https://www.newcastle.co.uk/savings/easy-access/triple-access-saver/ might suit.

colsten

Revolut is not a bank and has no FSCS protection.

MikeyDude

xylophone said:

I’m in the process of selling my house and it should complete within the next 3-4 weeks. I will have around £520k coming my way. 

Temporary high balance. See

https://www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/

Also, I’m planning to purchase a property in Barbados and want to know the best way to earn Interest on the money but still be able to take it out when I need it

https://www.newcastle.co.uk/savings/easy-access/triple-access-saver/ might suit.

Excellent! I didn't know there was such a thing for a 'temporary high balance'! I'll just stick the lot in my Santander then and I won't have to worry. I'll have a look at the Newcastle Account and maybe transfer some to there afterwards. Thanks, that was very much appreciated.