Help needed - instant access savings accounts

TracCap

Hi

Hope you can help. I have recently sold my house and will have approx £74000 profit. I will be moving in with my parents and so will be looking to buy in the next few months. I am wondering where to put my money as i will need to be able to get at it asap and would like monthly interest paid on it. I would also be grateful for an idea of how much interest I would receive monthly. How do the calculations work out and where can I go to see this info on a calculator type basis

Please advise

many thanks

YorkshireBoy

Best buy savings comparison tables at https://www.moneyfacts.co.uk

Re the credit card, transferring any interest bearing debt to 0% is obviously the way to go. If you can't be bothered with the hassle though, or your credit history is not good, why not pay it off with some of the £72K?

One final point though, I wouldn't put the entire £72K in one place as you're only covered for around £30K of this in the event of the provider going bust - unlikely I know but it could happen.

Re the interest - assume https://www.ingdirect.co.uk

£72,000 x 4.65% x 0.8 / 365 * 31 = £227.48 per month (assuming basic rate tax payer and no rate changes)

Leaving it to "compound up" for a year will give

£72,000 x 4.75% x 0.8 = £2,736

DocProc

You might like to consider what's on offer with the HomeSaver account at

http://www.britannia.co.uk/c_savings/product/regsav/homesav/prod.html

This pays 6.3% AER (5.04% Net)

Amongst other things they say:

Save for your home deposit with us and when you're ready to take out one of our mortgages, you can get hold of your savings, penalty free*

*NB. Any other withdrawals are subject to a 180 day loss of interest penalty.

We'll give you an exclusive mortgage deal that includes £250 cash back in your pocket, plus a free standard valuation worth over £100**

**These benefits are available for approved mortgage applications made by 31st July 2006. Offers may be added or removed after that date at any time.