26 Feb 2015

A question about : Sold house, going into rented,what to do with 140K

Hi Everyone

Just joined the forum and this is my first post, I am in the process of selling my house, but have'nt yet found a house to buy, so it looks like rented for me and the family. However as someone who has never had savings before, I will find myself with about 140K to invest until I find a house, so where is the best place to put the money for a short term investment, say 6 months, looking on the website it seems you get the best rates from current accounts, but I woukd need a lot of them to take 140K, so suggestions please.

J.P.

Best answers:

  • What are house prices doing in your area? As much of the country is seeing prices running at 10% inflation and up, you will need to factor this into your plans if you are going to rent for 6 months before buying.
  • Luckily in my area house prices are currently static, however that is somthing that really bothers me, once I have paid for rent and storage I will be able to save about Ј200 a month + whatever interest I can get on my deposit, as I said ok at the moment but if prices start to rise, but as there is currently nothing for sale in the village I live that is suitable what choice do I have?
    J.P.
  • No 1 rule is don't have it all in one account, as only 85K is guaranteed in any one bank(including subsidiaries).
  • Well, for the simplest option you can put the lot into NS&I Income bonds but the interest rate is very modest.
    Otherwise, I sole TSB for you and spouse and one joint. (Ј6000).
    One sole Nationwide Flexdirect for you and spouse and one joint. (Ј7500)
    I sole LLoyds Club for you and spouse and one joint (Ј15000).
    I Santander sole for you and spouse and one joint, (Ј60,000)
    3 BOS sole for each and one joint (Ј35000).
    2 Tesco sole accounts each and one joint Ј15,000).....
    Cycle round minimum monthly payments and comply with any DD requirements....
  • This is my first post, and I too am in a similar position to you but with half the amount.
    I pick up the keys to a rental property tomorrow as the house we had gone for to buy was taken off the market. The rental is Ј200 more per month than my old mortgage was so saving anything significant after paying bills is going to be a struggle.
    I already have a Santander 1 2 3 account, so wonder whether it should all just go in there (I'll be just under the Ј85k guaranteed), so I can get decent interest, and it's instant access for when the right thing comes along ….. ?
    Any suggestions would be greatly welcomed!
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