Suggestions for Short Term Investment

Martha81

Hi, have never really been in the market for this sort of advice before (as never have any spare funds!) but I have sold my house and don’t have a clue where to deposit the £130,000 proceeds until I buy a new house in the New Year. Is there a short term best solution to this that may bring me a little interest, but that would allow me easy access to the pot when I find a new house to buy? Thanks for any advice. 

Bigwheels1111

Have you opened an isa this year ?. If not Trading 212 give 5.15% at the moment on up to 20K.

Then you need easy access accounts for that short a term.

Chip has the best rate at 5%

Then Sidekick, I have an account with both.

But not figured out how to fund sidekick.( Not easy or straight forward process )

I have 30 plus accounts but sidekick has stumped me.

Only put a max of 80k in any one account.

I know 85k is covered by the FSCS, but the interest over 85k would not be.

Look here.

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/

Brie

Stuff some in premium bonds?  No guarantees of payout but safe.

InvesterJones

Brie said:

Stuff some in premium bonds?  No guarantees of payout but safe.

First draw would be in the new year if deposit now, so perhaps not the best for something very short term. On the other hand NS&I easy access (Direct Saver) is paying a bit below market leading interest at 3.75-4% , but still beats inflation and money is safe.

Martha81

Thanks very much for your suggestions. I do have a couple of old ISA’s but not much £ in either. Bit out of touch with the rules and how much I can put into a cash isa and what the withdrawal rules would be. I’ll read that first article, thanks very much for your collective input and helpful ideas.

Bigwheels1111

With Trading 212 and Chip.

If its a new ISA this year you can put up to 20k in.

Take it out and top it up again all through the year.

Just don't put more than 20k in, Interest added to the account does not count.

Albermarle

Martha81 said:

Thanks very much for your suggestions. I do have a couple of old ISA’s but not much £ in either. Bit out of touch with the rules and how much I can put into a cash isa and what the withdrawal rules would be. I’ll read that first article, thanks very much for your collective input and helpful ideas.

Have a look through this,
ISAs & tax-free savings — MoneySavingExpert Forum

friolento

You are looking at easy access or short notice savings accounts rather than at investments if you need your funds in a few short months. There is a complete selection of currently available savings accounts on https://moneyfactscompare.co.uk/savings-accounts/