We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Temporary parking large sums
Hi All - I am raising a large amount of cash by remortgaging my current house for building work. While going through the planning part, it will be another 4-5 months before the funds start getting used. I am thinking to put it in Cash ISA (not sure if Vanguard money market funds or easy access ) and NS&I, wondering if that is the most optimal use of ideal cash. Is there another low risk option? Thanks for your advise.
Comments
-
How large?
You can't pay more than £20K into an ISA, for example.
1 -
about 150K, which is why remaining would go to NS&I after using cash ISA allowance of spouse as well.
0 -
Fair enough, it did cross my mind that there might be two of you, despite the references to "I" rather than "we"! If you stash £40K in ISAs, the remaining £110K would comfortably fit within the FSCS protection limit (which would be £240K for a joint account anyway), so no need to use NS&I for safety, just pick a leading easy access account.
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards