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Advice re short term home for house deposit

(2 Posts)
pinwick71 Mon 19-Sep-11 16:47:14

We are moving house shortly but, for various reasons, our sale and purchase can't complete on the same day.

We will be moving in with family for about 4-5 weeks and for this short time will have a lump sum of cash for the new house deposit in the bank.

Any advice regarding bank accounts appropriate for holding this cash for a short term period? Is it worth setting up a separate/savings account for such a short period of time and if so, where is the best place to put the cash?

CogitoErgoSometimes Mon 19-Sep-11 18:37:36

It's going to be something that gives you instant access for the best rate possible. I also prefer 'internet access' for convenience - hate having to go into branches. An instant access Cash ISA might give you a better interest rate but there's a limit on how much you can put in them. Unfortunately, all instant access accounts these days are paying out the square root of not much smile 3% would be typical. So for the four or five weeks it is in the account, don't expect to retire on the proceeds.

Have a look at your regular bank's best offer for a savings account as that's probably easiest to set up quickly. Use one of the comparison sites to see what else is available.

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