High interest easy access on £200k

Painter23

Hi all, I'm hoping to sell my London apartment this year and will release c.£210k in capital.

In the short term (6-12 months) I'll be moving in with my partner while I search for a new property to buy outside of London.

My plan has been to put the capital into a high interest current account with a 4.7% interest rate (at today's rates) so I can maximise the interest on it but have easy access when required to buy my next property, which may well be within 12 months.

I will have already used my £20k ISA allowance next year so putting some of the proceeds into one of those isn't an option.

I'm interested to know if I've missed any obvious alternative routes to maximising interest on this amount whilst still having easy access. Because this is my only property I will benefit from Main Residence Relief meaning I won't pay any capital gains on the proceeds.

Thanks so much in advance.

DRS1

Look at the Coventry 4 Access Saver - 4.85% though the rate will go down.  There are other high interest easy access savers around see 
Top Easy Access acs Ranked: Top of The Pots - **No Chat** — MoneySavingExpert Forum

Painter23

Thank you.
My plan was an easy access high interest account of some variety, but I'm interested to know if there's any other sort of investment or saving platform I'm not aware of that also gives easy access.

DRS1

There are things like Hargreaves Lansdown Active Savings where you get accounts with various banks and building societies under one roof
Savings Account | High Interest Savings | Active Savings | HL
Raisin may be another one (see threads on here)

eskbanker

Painter23 said:

Hi all, I'm hoping to sell my London apartment this year and will release c.£210k in capital.

In the short term (6-12 months) I'll be moving in with my partner while I search for a new property to buy outside of London.

My plan has been to put the capital into a high interest current account with a 4.7% interest rate (at today's rates) so I can maximise the interest on it but have easy access when required to buy my next property, which may well be within 12 months.

Although FSCS protects temporary high balances of up to £1m for up to six months in such circumstances, any longer than that and you'd need to split the money across multiple accounts of less than £85K each, unless you were happy to take the risk of unreimbursed institution failure, or to accept the lower rates on offer at NS&I....

Ayr_Rage

Trading 212, use the INVEST option where you can also hold cash, currently 4.9% instant access and daily interest.

https://www.trading212.com/invest

jaypers

Maybe put some into a 95 Day Notice account (and give notice straight away)? If not too restrictive? Oaknorth paying 4.95%

Would definitely split across at least 3 accounts because of the FSCS protection limit……would do this from day 1 rather than faff around in 6 months time when the ‘temporary high balance protection’ ends. 

Veteransaver

Ayr_Rage said:

Trading 212, use the INVEST option where you can also hold cash, currently 4.9% instant access and daily interest.

https://www.trading212.com/invest

I used this, but note that most of your cash is held in money market funds, it should be safe, but not totally risk free.

Bobblehat

jaypers said:

Maybe put some into a 95 Day Notice account (and give notice straight away)? If not too restrictive? Oaknorth paying 4.95%

Would definitely split across at least 3 accounts because of the FSCS protection limit……would do this from day 1 rather than faff around in 6 months time when the ‘temporary high balance protection’ ends. 

I think that quite attractive Oaknorth rate is NLA for new savers!

DjangoUnchained

Ayr_Rage said:

Trading 212, use the INVEST option where you can also hold cash, currently 4.9% instant access and daily interest.

https://www.trading212.com/invest

Is that not only available for an ISA account?

Ayr_Rage

DjangoUnchained said:

Ayr_Rage said:

Trading 212, use the INVEST option where you can also hold cash, currently 4.9% instant access and daily interest.

https://www.trading212.com/invest

Is that not only available for an ISA account?

No, can deposit cash in the INVEST product, as above some goes into QMMFs as well as banks.