Short term money account?
Discussion
Not really. If you're going to need access to the money in the near future then you're basically stuck with interest bearing current accounts or easy access saving accounts. If you don't have one already then get a Santander 123 account then stick the rest in the best paying easy access savings account.
If the amount is more than £85,000 then spread it around to ensure you're covered by FSCS guarantee.
If the amount is more than £85,000 then spread it around to ensure you're covered by FSCS guarantee.
boxst said:
I am lucky enough to find myself in a position with a reasonable amount of money just sitting in a current account. I want to buy a house, but while I am looking is there somewhere sensible to put the money? Something that pays weekly/monthly interest?
Thanks for any suggestions.
It sounds like you're in limbo and need to remain light on your feet. If your objective is not so much not to make a lot but not to lose anything, for the only NO risk approach (and if your funds are in excess of £500,000) consider Treasury Bills. They can be issued with 28 day and 3 month maturities and although don't pay a coupon (profit) are bought as a discount to the promised buy back price.Thanks for any suggestions.
http://www.dmo.gov.uk/index.aspx?page=tbills/about...
Inkyfingers said:
Not really. If you're going to need access to the money in the near future then you're basically stuck with interest bearing current accounts or easy access saving accounts. If you don't have one already then get a Santander 123 account then stick the rest in the best paying easy access savings account.
If the amount is more than £85,000 then spread it around to ensure you're covered by FSCS guarantee.
The Santander 123 account pays 3% from £3-20k, but you need two direct debits from it, plus a certain amount (£750 I think) being paid in monthly. If you have a partner then you could also open a joint account and stick another £20k in there (and of course they could open up their own account too).If the amount is more than £85,000 then spread it around to ensure you're covered by FSCS guarantee.
Ginge R said:
boxst said:
I am lucky enough to find myself in a position with a reasonable amount of money just sitting in a current account. I want to buy a house, but while I am looking is there somewhere sensible to put the money? Something that pays weekly/monthly interest?
Thanks for any suggestions.
It sounds like you're in limbo and need to remain light on your feet. If your objective is not so much not to make a lot but not to lose anything, for the only NO risk approach (and if your funds are in excess of £500,000) consider Treasury Bills. They can be issued with 28 day and 3 month maturities and although don't pay a coupon (profit) are bought as a discount to the promised buy back price.Thanks for any suggestions.
http://www.dmo.gov.uk/index.aspx?page=tbills/about...
Planet Claire said:
Inkyfingers said:
Not really. If you're going to need access to the money in the near future then you're basically stuck with interest bearing current accounts or easy access saving accounts. If you don't have one already then get a Santander 123 account then stick the rest in the best paying easy access savings account.
If the amount is more than £85,000 then spread it around to ensure you're covered by FSCS guarantee.
The Santander 123 account pays 3% from £3-20k, but you need two direct debits from it, plus a certain amount (£750 I think) being paid in monthly. If you have a partner then you could also open a joint account and stick another £20k in there (and of course they could open up their own account too).If the amount is more than £85,000 then spread it around to ensure you're covered by FSCS guarantee.
I don't actually use my 123 account for day to day banking, I just automatically transfer some money in each month from my main account and have a few direct debits come out of it, it took me about 5 minutes to set up.
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