Where is safe for some cash?

[apismalifica]

I'm going to move house and will rent for a while so I can look for somewhere in a new location. Given how dodgy the banks have been in the past, and not wanting to risk too much in shares that could plummet just as I need the money - what should I do with about £500K? I'd like to earn interest if possible but mostly I just want to know I can access the cash at fairly short notice when I do find a house, and I have given myself 3 - 24 months to look for the right place. I know about the 80K (ish) guarantee for each institution group, but wondered if anyone had any other creative ideas :) Not trying to avoid tax or anything dodgy I should point out, just want to take my time to find a suitable family home.

there are no 'creative' ideas that are risk free. If you want it safe it has to go in institutions protected by the 85K FFCS guarantee. That IS safe.

fill up the current accounts and set up the standing orders - if there is just you here's the list.All need standing orders going between them, some need direct debits. If you have a partner you can double the amount.

Santander 20k 3%
Lloyds 5k 4%
TSB 2k 5%, 15k 1.5%
Tesco 3k 3%
Nationwide 2.5k 5%
Clydesdale 3k 2%

not much of your 500k, is it? The rest needs to go in the even more pitiful easy access accounts. You can put it in premium bonds,that is safe, but you may earn nothing at all.

www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

Thanks specialsubject. Yes I agree, it's dire isn't it?

If house prices crash after I sell and before I buy again I guess I'd make a bit more - but who would really wish for the misery that would cause so many people :( ...and the opposite would also be a bit of a challenge to say the least.

I think your assessment is 100% and I'll have to be running round the banks and checking my premium bonds for a few months, thanks for your reply

how kind!

the only person who believes in a big house crash is roneik whose rantings you can find on the property board. The rest of us are not holding our breaths.

good luck with the premium bonds!

Long dated Government Gilts - low volatility but dealing charges.

Or for the ultimate security - a UK Treasury Certificate of Tax Deposit. Peanuts in interest, but a deposit with the Bank of England which can be surrendered within 14 days. Cast iron.

The wealthiest people were buying these a couple of years ago with all the bank crises.