MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
We've just sold our house and have a decent chunk of cash to go towards the new one (when we find it).
Was just wondering if it's worth putting it into a savings account to try and get a bit of interest on it.
Hopefully would only need to be for a few months but anything is better than nothing, right?
Ask the bank what they recommend you do with it.
That's what we did and they sorted everything out and moved it for us.
You'll get virtually nothing. Only thing it might do is stop you dipping in to it. Maybe go for premium bonds. Unlikely to win big but there is still a chance
There are 5% interest accounts out there, if you meet the criteria...
Got a link to those?There are 5% interest accounts out there
Sorry, wrong link in previous post, but its First Direct (when you move current account to them).
I recently swapped my decades old Santander current account to Halifax, painless transfer for £125 reward within six days (offer is reduced now, so check link above, Co Op looks good at quick scan) and £3 per month extra reward for meeting criteria of money coming in each months and direct debits going out.
go to a casino and put it all on black?
No, red!
There are 5% interest accounts out there
Normally capped at a few £k.
Those current accounts with higher interest might make you a couple of hundred if you are willing to jump through all the hoops and keep moving money around. You probably need to open 10-20 of them with different banks because of the capping and keep making payments between them every month. A lot of effort for a small return
Depending on how much equity you had in your house, only £85,000 of it is protected in a single account (£160,000 if joint account).
Might want to bear that in mind, not as if economy any stronger now than 10 years ago.
I've just been in the same position.
In the end I just stuck it all in premium bonds. I put the maximum in (50K) and over the 3 draws I was eligible for I won £150.
Easy to put it in and get it out. Very safe.
Perhaps someone who knows can calculate the equivalent interest rate for this return?
Depending on how much equity you had in your house, only £85,000 of it is protected in a single account (£160,000 if joint account).
Although larger amounts are covered temporarily if they are the proceeds of a house sale. I'm not sure for how long but think it is 6months or a year. The safest place though will be NS&I, in premium bonds or other accounts.
Did this 4yrs ago, interest earned on £185k in 6 months paid for various costs and kept me in the black come new house purchase time, split the money between accounts for peace of mind too.