Equity out of house - where to put it for 3 months?
#1
Equity out of house - where to put it for 3 months?
I have a house sale going through this Friday which will result in circa equity sitting around for a while as we are renting whilst possibling waiting for another house ............so will have best park of a 996 turbo equiv sat in my current account which surely isn't the best place for it ????
people have mentioned premium bonds, high interest bank accounts, buildings soc's - so what the best option - can't really afford to gamble it as need it to go up the property ladder so shares etc isnt really an option is it ????
NB: - this amount will be after clearing current CC bills etc ............
cheers..........
people have mentioned premium bonds, high interest bank accounts, buildings soc's - so what the best option - can't really afford to gamble it as need it to go up the property ladder so shares etc isnt really an option is it ????
NB: - this amount will be after clearing current CC bills etc ............
cheers..........
#2
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Find a 90-day notice account and bung it in there.
http://www.yourmoney.com/savings/com...ving_accounts/
http://www.yourmoney.com/savings/com...ving_accounts/
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Hmm. 90 days' notice is a lot - I doubt you'll have that much notice of completion on your next house.
Me, I'd put it in an instant or 30 day access account or in Premium Bonds. You'll probably lose on interest if you get the PBs but at least you'll get a bit of excitment out of it.
Me, I'd put it in an instant or 30 day access account or in Premium Bonds. You'll probably lose on interest if you get the PBs but at least you'll get a bit of excitment out of it.
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1) Fill your cash ISA if not done so already.
2) High interest accounts. Plenty at around 5%AER with instant access, but remember that only £30k odd is covered should the bank/BS go under, so might be an idea to open a few accounts with different banks for piece of mind.
This is probably youre best option for the short term.
2) High interest accounts. Plenty at around 5%AER with instant access, but remember that only £30k odd is covered should the bank/BS go under, so might be an idea to open a few accounts with different banks for piece of mind.
This is probably youre best option for the short term.
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An internet only account is likely to pay highest interest rates. Have you decided who your next mortgage provider will be? May be worth investigating one of those offset mortgages and opening a saving account with them now.
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Originally Posted by Jonathan Davies
Hmm. 90 days' notice is a lot - I doubt you'll have that much notice of completion on your next house.
Me, I'd put it in an instant or 30 day access account or in Premium Bonds. You'll probably lose on interest if you get the PBs but at least you'll get a bit of excitment out of it.
Me, I'd put it in an instant or 30 day access account or in Premium Bonds. You'll probably lose on interest if you get the PBs but at least you'll get a bit of excitment out of it.
As mentioned above, you can spread your risk around 3 or 4 banks/BS.
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#8
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I've got a similar amount of money sat in high interest instant access account. Interest is calculated daily and paid monthly and it pays 4.2%, not the best, but it will do. I bank with Nat West, its the e-savings account, and is easily managed via my online banking.
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Originally Posted by Mungo
You can give notice now.
As mentioned above, you can spread your risk around 3 or 4 banks/BS.
As mentioned above, you can spread your risk around 3 or 4 banks/BS.
I think spreading it over 3 banks is a bit much. When was the last time a well-known bank went bust? BCCI I reckon, and that wasn't exactly a mainstream bank.
Might be a factor if you're thinking of using the International Bank of Vanuatu (London) Limited or something.
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Have been in a similar position myself. After a bit of research, I decided I wanted a few things:
1) A big bank that is unlikely to go under (noting the £30k thing above)
2) Something with instant or near instant access
3) Something that allows you to transfer out large sums in short periods (some are capped to a relatively few £k per day - not much help when you buy the house at the other end)
4) Something that pays interest monthly, so I'm not waiting a year to get my hands on the benefits
5) something that (unlike e.g. the HSBC internet saver) does not take away all your interest for any month where you withdraw something.
I decided the best two accounts that fitted the above were:
here (note the bonus rates), and
here (better if you have less initial investment or might want more than 6 months)
Have you managed to find a rental place without a 6 month tie-in?
1) A big bank that is unlikely to go under (noting the £30k thing above)
2) Something with instant or near instant access
3) Something that allows you to transfer out large sums in short periods (some are capped to a relatively few £k per day - not much help when you buy the house at the other end)
4) Something that pays interest monthly, so I'm not waiting a year to get my hands on the benefits
5) something that (unlike e.g. the HSBC internet saver) does not take away all your interest for any month where you withdraw something.
I decided the best two accounts that fitted the above were:
here (note the bonus rates), and
here (better if you have less initial investment or might want more than 6 months)
Have you managed to find a rental place without a 6 month tie-in?
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