Advice needed for short term savings

jessicas_2

Hi

I am looking for some advice as I am a little confused.

My boyfriend and I have £70k to put towards a deposit for a house. We are not planning on looking for a house for another 3 - 6 months as my boyfriend has a flat that needs renovating first.

We need to find somewhere to put the £70k in the meantime. We are thinking of setting up an ISA each but that only covers £7,200.

Has anyone got any suggestions on where to put the rest to get the best return?

Many Thanks

opinions4u

www.moneyfacts.co.uk will help you assess the market.

The AA at 3.30% should be one you consider - joint names will ensure that you get full protection from the FSCS for your money.

jessicas_2

Thank you.

Can you please explain what the following means...

Rate includes a gross pa bonus of 2.80% for the first 12 months on balances of £50,000 or above and 2.65% for the first 12 months on balances of £1 up to £49,999

I am not planning to have it in the account for more than 6 months so I'm not quite sure what this all means.

opinions4u

It means that after 12 months your rate drops to an amount that is currently 0.5%.

The terms and conditions on the web site don't say that you lose the bonus rate if you close the account early. You should get interest paid on closure.

But if, when you withdraw, you leave £1 in the account until the year is up then you will get all the interest due then.

apt

If you are thinking about 3-6 months the Ulster Pathway will give you 3.6% rather than 3.3%.