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Short term large deposit query
Olinda99
Posts: 2,042 Forumite
A friend of mine is selling here house and will receive about 400000 - 450000 into her current account. This will of course be protected by the temporary high balance rules.
She intends to buy another house but has not found one yet.
My question is about the best way to get some interest. Yes, she can open Zopa, Marcus, Atom, Tandem etc but the problem is how can she get the money there? Faster payments have a daily limit and anyway the bank's fraud department are bound to be all over such large transfers - I can see it is going to be a right pain.
One option is for her solicitor to pay the proceeds into a direct saver at 1.2% (is this even possible?) or to her current account and then chaps to DS.
Can anyone think of something else? Thanks in advance.
She intends to buy another house but has not found one yet.
My question is about the best way to get some interest. Yes, she can open Zopa, Marcus, Atom, Tandem etc but the problem is how can she get the money there? Faster payments have a daily limit and anyway the bank's fraud department are bound to be all over such large transfers - I can see it is going to be a right pain.
One option is for her solicitor to pay the proceeds into a direct saver at 1.2% (is this even possible?) or to her current account and then chaps to DS.
Can anyone think of something else? Thanks in advance.
0
Comments
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If the bank where she has her current account has some decent savings accounts, then I presume an internal transfer would be OK.
Problem is the bigger banks saving accounts are pretty dire, so depends who she banks with.1 -
Pay in via cheque if the provider accepts them.
1
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