What to do with proceeds of sale and SSIA for 1 year

[Havana]

Due to the breakup up of my relationship I am currently being bought out of my apartment. With the money from this and my SSIA, which is maturing next month, I will have approx €65,000. I will be putting a deposit on a new property within the next few weeks, completion early 2008.

My question is what is the best thing to do with the money? I want no risk, and to be able to access it easily when the completion date is drawing near. Also I plan to continue saving the money I am currently putting into my SSIA.

Should I open two different accounts - a regular savings acc and a lump sum one? Or is there some product that will let me do both - lodge a lump sum and the continue to save regularily, but that will give me a good interest rate for 1 year approx.

Thanks alot - bar my SSIA I am fairly new to this savings malarky- the trusting credit union was my main man in my younger days!

 

[CCOVICH]

Re: What to due with proceeds of sale and SSIA for 1 year

There are a couple of existing threads on the strategy you have suggested-I've never crunched the numbers or looked into the viability of same myself, but it should be pretty easy to do via spreadsheet.

The Rabodirect account, currently offering 5% on amounts up to €10k and no restrictions on minimum amounts/regular saving is pretty flexible. Northern Rock will offer less than 5%, but will pay a higher rate on an amount of €65k.

Plenty of info availble on both in the Best Buys forum and by using the search facility.