147k banked, how much interest earned?

from_the_other_forum

All advice most welcome as money saving is a new thang for me.
We have raised 147k from the sale of our property and plan to use it to purchase another house in approx 3-4 months time.

My questions are..
1. Which is the best high interest account to put this cash into? (Given we need to withdraw it 3-4 months time)
2. How much interest, after tax and all that jazz, would our cash actually earn in this short length of time?

Thanks.

Toastie

from_the_other_forum wrote: »

All advice most welcome as money saving is a new thang for me.
We have raised 147k from the sale of our property and plan to use it to purchase another house in approx 3-4 months time.

My questions are..
1. Which is the best high interest account to put this cash into? (Given we need to withdraw it 3-4 months time)
2. How much interest, after tax and all that jazz, would our cash actually earn in this short length of time?

Thanks.

Well you would be looking at about 2% or so meaning £3500

fill up your ISA allowance for this year (if you have the cash and can transfer it to an account) Barlcays Tax Haven ISA looks good at 6.5% P.A. or 6.31% P.M. you can do this in both or your names (but not together) with 3k this year and 3.6k after april 6th

If you are married possibly look at a joint account so your covered to 70k of the savings, look at the highest possible AER covered by the FSA.

This would be about 3 accounts, look at this link http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

I hope this helps

from_the_other_forum

thanks toastie, i am married, so that means we are covered for 70k...great news!!!

Toastie

from_the_other_forum wrote: »

thanks toastie, i am married, so that means we are covered for 70k...great news!!!

Perfect

I would probably just go 1K under that just to be safe.

Would you want to spend the interest or compound it? Remember if compounding anything over 70k would be lost, and being a bit bit nosey there

from_the_other_forum

...compound it i suppose? Basically, i am trying to figure out the best way of making our 147k generate as much interest as possible for us...but in an account that we can withdraw our cash from in 3-4 months time, (house purchase permitting).

My former, less MSE aware, self would have suggested 147,000 loto scratch cards.

Toastie

Compounding would get you an additional £2.67

Use ths savings calculator to have a fiddle; http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#saving

I wouldn't mind £174000 would definately pay off some of the debts