Approx £20-30k inheritance. How best to save for 1 year?
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Tara100
Posts: 258 Forumite
Hello
I plan to put the money towards a house move in 12 months time, and shouldn't need to touch it before then.
Sadly, I'm not very clued up on saving. Can you help please?
Many thanks.
I plan to put the money towards a house move in 12 months time, and shouldn't need to touch it before then.
Sadly, I'm not very clued up on saving. Can you help please?
Many thanks.
All you need is love (and chocolate)
0
Comments
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You want to take very low risks with your money, so leaving it in bank accounts is probably your best bet. Various accounts at 3%, 4% and 5% exist and are described here - http://www.moneysupermarket.com/current-accounts/ . They are all current accounts as these pay more than the best savings accounts.
A simple solution would be to open a Santander123 account which will pay 3% interest on £20,000 with a £5 monthly fee. So your return on £20k would be £540 over the year.0 -
If you're eligible, consider opening a HTB ISA and stick the rest in high interest current accounts.
http://www.moneysavingexpert.com/savings/help-to-buy-ISA
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest"If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2021 - #027 £15,268 (76%)0 -
Thank you both of you. :-)All you need is love (and chocolate)0
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