Interest Question
15 March 2007, 08:25 PM
#5
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The alternative is to put it in my own account, the trouble is I need to complete within 10 days of being notified by the builder, and if I am out of the country it may complicate matters.
15 March 2007, 10:47 PM
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You should get somewhere in the region of £2k interest over that period (although be aware the tax man will come after your "underpayment if you're into higher rate tax).
Check terms of any internet account you're going for (if you do). Some you lose all the interest for any month where you transfer money out (i.e. don't touch these with a barge pole). Most cap your maximum transfer out in one day via internet banking, some to as little as £10k, which is obviously not much use to you. Also if you want the interest before the purchase, you need an "interest paid monthly" account, many are "interest paid annually"
FWIW, I was in a similar situation last year. Abbey did quite a good deal on their "e-saver with interest paid monthly". No loss of interest for withdrawals, a 0.5% bonus to rates for the first 6 months (which is as long as you need), very healthy interest rates if you have >£100k in there, and a maximum transfer per day of ~£60k (i.e. you could move your cash in 4 days which is managable if a little bit annoying!)
Check terms of any internet account you're going for (if you do). Some you lose all the interest for any month where you transfer money out (i.e. don't touch these with a barge pole). Most cap your maximum transfer out in one day via internet banking, some to as little as £10k, which is obviously not much use to you. Also if you want the interest before the purchase, you need an "interest paid monthly" account, many are "interest paid annually"
FWIW, I was in a similar situation last year. Abbey did quite a good deal on their "e-saver with interest paid monthly". No loss of interest for withdrawals, a 0.5% bonus to rates for the first 6 months (which is as long as you need), very healthy interest rates if you have >£100k in there, and a maximum transfer per day of ~£60k (i.e. you could move your cash in 4 days which is managable if a little bit annoying!)
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