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Find financial and money saving discussions including debt and pension chat on our Money forum.

Money matters

Where to invest a large sum of money short term?

12 replies

Bubbaloo · 29/11/2007 23:13

We've recently sold a property and until we buy another,we'll have a large sum of money which we were going to put in a high interest savings account with the Nationwide.
It'll probably be for about 6 months,so am now wondering if there is a better option.

Any ideas please?

Thanks.

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purpleflower · 29/11/2007 23:15

In my bank account

I can't guarantee you will get it back though

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Bubbaloo · 29/11/2007 23:16

lol.

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purpleflower · 29/11/2007 23:17

Sorry I couldn't resist

Unfortunatly I don't have anything constructive to add.

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80sMum · 29/11/2007 23:22

You could try a Standard Life fixed rate bond, currently paying 6.85% fixed for 7 months term.

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Bubbaloo · 29/11/2007 23:23

I should've worded my question a little differently perhaps.

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Bubbaloo · 29/11/2007 23:33

Thanks for the link.Will have a look

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Tortington · 29/11/2007 23:37

come on people ! there are some savvy financial types on here i know there are

i am watching with interest - i have the same problem.

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MarsLady · 30/11/2007 02:26

Definitely not in purpleflower's account. I was thinking more along the lines of a lovely place for MarsLady in St Lucia Much better option. Trust me!

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Columbia · 30/11/2007 06:59

custy will you marry me!!

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MrsTittleMouse · 30/11/2007 12:38

Oh, go on then, I'll give a sensible reply. You need to have it in an account that gives a good rate of interest (do not touch anything share-like with a bargepole). However, it's important not to put all the money in one account, as only the first £35,000 is insured. There's a good article about it here in Money Saving Expert. Assuming that you have that much lovely cash of course!
For this wonderful advice, I only charge a commission of 10% payable to my house-deposit savings account.

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Bubbaloo · 30/11/2007 14:19

Thanks very much.That info on the MSE site is very helpful and I've signed up for the free emails.
Was really surprised about only 35k being insured,which is a bit worrying but hopefully we'll be using the money to buy another house shortly,so we won't have it for too long.
Definately won't be touching anything share related/risky and we actually have an appointment with the Nationwide next week to see what accounts they have,seeing as we already bank with them.
Am a bit old fashioned in the sense that I'm not sure I like the idea of internet only/phone based accounts which do seem to offer the best rates,as I think I would rather go into a branch to access the account.

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BigGitDad · 30/11/2007 20:55

How about some in premium bonds? £28k each I think with a potential to be miilionaires?
Generally though it is not guaranteed, the average return is 5%. Might be worth a punt.
Ditto about savings, have a look at on line stuff since lower over heads can mean higher rates. Use your cash ISA allowances £3k this tax year, going upto £7200 nest year. So by next mid April '08 you could have £20k in tax free savings. (x2 of you)