Investing money in gap between selling and buying

neil_richardson

Where should I put money in the 6-7 week gap between selling old house and completing on a new one?
Banks used to offer 'overnight deposits' at money market rates but none seem to do that now. How much interest do solicitors earn on their client accounts?

moneysavinghero

Interest rates are so low at the moment i would just leave it in your bank account. It will be protected by the FSCS up to £1million for 6 months.

user1977

neil_richardson said:

How much interest do solicitors earn on their client accounts?

As much as everybody else earns on their current accounts at the moment i.e. virtually zero. They might be able to lodge the funds on a deposit account with slightly better rates.

pinkteapot

We had our money 'out' of the house for almost a year in 2018-19. We put the max £50k each in Premium Bonds (gave about a 1% return, with a chance of more) and the rest in a joint-names NS&I Income Bond, which also paid about 1% but NS&I have since absolutely slashed that to 0.01%. 

For 6-7 weeks it's probably not worth opening special accounts for with rates as they are. Even Premium Bonds probably aren't worth it as I think you put money in then don't get entered in draws until the following month. 

theartfullodger

Give it me, I guarantee a better return than available anywhere else.

Well, for me at least

neil_richardson

someone somewhere will do very well out of it.

steampowered

neil_richardson said:

How much interest do solicitors earn on their client accounts?

Most likely zero, client accounts of law firms do not tend to carry interest at the moment.

Sunsaru

Whatever you do, don't put it into crypto otherwise you'll be moving house is 2042.