Hi Bargain Hunter,

Still haven't made my choices... had to re think selling property due to the credit crunch stories of late. Firstly I will be making an appointment with an IFA first. I'm personally thinking I would spread the amount and use NS&I for the remaining.

I know my credit score might be effected as mentioned previously, peace of mind is more important for me.

Pixel"

hi Pixel Inch

I do have similar problem as you did in that topic.

Can you please give me advice how did you deal with tah?

thank you

Thanks for the advice. It seems spreading over a number of banks for easy access over a short period is one direction I would consider. Practical side of things... having to gather back that money/and closing the accounts when I am ready to buy will be time consuming. Guess if I don't want to put all my eggs in one basket..I might just have to do that.

Maybe the IFA advice might be a bit over kill at this stage... but one to consider in the near future. with the credit crunch stocks and shares look a bit shaky at the moment.

Been looking at the NS&I income bond, there are no restrictions, no tie ins... only thing the top rate is only 4.80% with £25k+. Maybe I have to be realistic?

I always thought (correct me if I am wrong) that interest spread over on several accounts would result in not so good a return if I wanted a livable income?

Pixel"

With the big UK banks you will be safe, even though they have had to write off billions they still made profits. On larger amounts Lloyds TSB offers more competitive interest rates. ING direct is a huge bank and for the first year they offer 6%, before it drops. I would not have any issues saving a large lump sum with them.

If you went to a finicial advisor with that sum of money he would recommend investing in the stock market for a higher return over a number of years.

I would also put smaller amounts in some of the high interest easy access accounts as advertised on here. I have 100k spread across 3. I like easy access as you can be sure if you put it in a bond you'll want the money at some point in the year. Also fixed rate bonds with foreign banks, like the bank of Ireland you can not pull your money out during that term. In a UK fixed bond you can, you loose 3 months interest.

I would like to receive a monthly income from the lump sum after I have sold my house. This will help me to change my career and rent temporarily until I decide where I want to live. I have looked at many deals/packages i.e. income bonds etc. Lots on offer plus finding all this information to be very overwhelming. Lets say I sell for £300k, how practical is it to divide this amount between many institutions to protect £35k in each? I would have to find nine banks to divide the money with :-/ Are there better ways to protect for short term savings whilst receiving an income? Thought about contacting a IFA, first would like to do my own research... Any advice much appreciated.

Pixel"