15:36 PM, 29th August 2014, About 11 years ago 16
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Someone has offered me about £600K for an unencumbered property. I’d happily sell now, but am too busy to buy anything new till at the earliest Jan or Feb. Any tips on where to get the best short term rate for such an amount while still being able to access the funds should I need them?
A month delay in accessing them would be acceptable.
Thanks
David Mensah
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Mark Alexander - Founder of Property118
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Member Since January 2011 - Comments: 12109 - Articles: 1330
15:39 PM, 29th August 2014, About 11 years ago
Premium bonds?
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simon Bruce
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Member Since July 2013 - Comments: 12
17:25 PM, 29th August 2014, About 11 years ago
Assuming you dont want to put more than £180k in each bank into accounts in joint names.
If you are married, you can get 3 x Santander 123 accounts each paying 35 on £20k so that does £60k! On in your name, one in your wife’s name and one in joint names. That’s £50 gross each account each month. You need a couple of DDs set up on each account but they can be small and only taking annual payments. You also need to remember to pay in £500 into each account each month.
TSB do a higher rate but only on a small amount so its not really worth the aggro.
Metrobank and Santander do 1% on their easy access internet savings accounts.
If you have a savings account with Barclays, you will find they have reset your rate after one year to something like .2% and not told you about it. I went in an complained and they closed the account and re-opened it and now its paying .8%
Mark Alexander - Founder of Property118
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Member Since January 2011 - Comments: 12109 - Articles: 1330
17:34 PM, 29th August 2014, About 11 years ago
Sainsburys Bank appear to be paying 1.35% gross on their eSaver special accounts and from what I can see this is a genuine rate and does not include an annual bonus which seems to be the case for their competitors, i.e. Tesco Bank Internet Saver, Post Office Online Saver Issue 11.
Source >>> http://www.moneysupermarket.com/savings/search/results/?goal=SAV_EASYACCESS
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Peter Hindley
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Member Since August 2013 - Comments: 44
17:56 PM, 29th August 2014, About 11 years ago
Simon Zutshi (& others) of PIN fame has launched http://www.crowdproperty.com Might be worth a punt to help other property people but I don’t think you can get short term access if needed. I have no involvement other than having received their promotional mailing.
Adrian Jones
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Member Since July 2013 - Comments: 303
10:20 AM, 30th August 2014, About 11 years ago
I would include Premium Bonds as part of my strategy. £40k per person maximum holding paying on average 1.35% per annum tax free. You have to hold the bonds for one calender month before they are entered in the draw. They can be withdrawn within eight days.
Don’t forget to maximise ISA allowance which I think is £15k per person per annum.
Presumably you have checked your CGT position.
David Mensah
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Member Since June 2014 - Comments: 106
10:57 AM, 30th August 2014, About 11 years ago
Reply to the comment left by “Adrian Jones” at “30/08/2014 – 10:20“:
Many thanks for these helpful replies. 1.35% is pretty dismal, no wonder we all invest in property!
Adrian Jones
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Member Since July 2013 - Comments: 303
11:10 AM, 30th August 2014, About 11 years ago
Reply to the comment left by “simon Bruce” at “29/08/2014 – 17:25“:
HI Simon,
Can you let me have details of the Barclays account paying 8%.
Thanks.
Mark Alexander - Founder of Property118
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Member Since January 2011 - Comments: 12109 - Articles: 1330
11:12 AM, 30th August 2014, About 11 years ago
Reply to the comment left by “Adrian Jones” at “30/08/2014 – 11:10“:
I think you missed the decimal point Adrian.
If only ….. LOL
.
Adrian Jones
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Member Since July 2013 - Comments: 303
11:30 AM, 30th August 2014, About 11 years ago
Reply to the comment left by “Mark Alexander” at “30/08/2014 – 11:12“:
That’s a shame! Have a good weekend Mark.
simon Bruce
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Member Since July 2013 - Comments: 12
12:47 PM, 30th August 2014, About 11 years ago
Having re-read my post, I have made a couple of typos, so to clarify:
The Santander 123 account pays 3% gross on £20k, you used to be able to have as many as you want, one person had 18 of them apparently.
You can now open one each and then another in joint names. It’s hard work but the best solution I can find for £60k between 2 people to give instant access.
After you have done this £60k, it’s downhill from there!