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Best interest rates on £600K? (would need to access it quite quickly)

(4 Posts)
NoonarAgain Fri 08-Jul-16 09:56:29

Hi, we are selling up and going into rented accommodation. we will be buying again when something appears on the market that suits, but where would be the best place to keep our money in the meantime? any ideas? interest rates won't be great, will they? TIA smile

ShanghaiDiva Fri 08-Jul-16 10:02:33

money saving expert website is a good place to look.
You may also want to split the amount between several banks as sometimes there is a max amount you can deposit (particularly if the interest is half way decent) and the sum you deposit with the bank is only protected up to 75K.

TaIkinPeace Fri 08-Jul-16 18:21:23

The £75k protection worry is a red herring.
No depositor has lost money in a UK bank failure since 1971.

Even when Barings and ING went under, other banks snapped up their savers books so the amounts were honoured.

The Icelandic (non UK, non EU) banks paid everything back in the end.

Only BCCI (non UK, non EU) left people in the lurch, but most of the lost moey was hot anyway.

OP
there are stuff all returns on anything at the moment and property prices in the UK are heading south till Brexit gets reversed.

specialsubject Sat 09-Jul-16 19:46:23

You can get average 3% on about 60k if there are two of you and you spend time setting up current accounts. For the rest, 1.25% is about the best you'll do on easy access. Lower than real inflation.

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