Spending money

By THIS IS MONEY
Updated:

 

We are selling our property and renting until we find our retirement home, Where is the best place to put our £400,000 for monthly income whilst looking? AF, Marlow, Bucks.

Meera Patel at independent financial advisers Hargreaves Lansdown says: If you are looking for an instant access account offering monthly interest, the ING Direct Savings account currently offers 4.60% (gross). ING Direct: 0800 376 7799, www.ingdirect.co.uk.

Alternatively, Scarborough Building Society 0845 458 4458, http://www.scarboroughbs.co.uk offers 4.99% (gross) on their Scarborough 99 account which is a 99-day notice account. This rate includes a 0.75% bonus for six months.

Note that as interest rates have recently moved higher, the rates quoted on the above accounts may change in the near future.

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