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  • Entrepreneurs

    £120K - way to earn interest for a few mths?

    Mad question. I will have £120k sitting in the bank for around 2 months. Is there anything I could do with it in that short space of time to make abit of money/interest etc?

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    Protecting capital precludes stock market - so just research safe instant access accounts and spread across 2 banks at least - as £85k limit on deposit protection.

    I would avoid non UK banks - maybe ask your own bank if they have any special deals - though unlikely.

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    Put 50K of it in Premium Bonds and 70K in the best rate savings account with a bank you have a relationship with or one you may want a loan from in the future especially if you may plan do take an offset mortgage out with at some point

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    Jonathan Clarke. http://www.buytoletmk.com


    premium bonds need to wait 1 full month before being entered in the draws so it can potentially take nearly 2 months before going into a draw.


    current best instant access rate is 1.5% with Marcus (and others) - if the source of funds is from a life event (such as equity release as part of a remortgage) protection increases to £1 million for 6 months

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    Ask your bank if they do treasury deposits. Over night, 7days 1mth out to 3mths or what ever term you want.. Many do but depends upon the sum they take. If 1mth rate is good just place it and role it over each month. They tend to offer good rates when cash is scarce.

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