Advice needed: Where should we save £68,000 for a few months?

Peonie

We need some advice. In short, we will have £68,000 coming to us in the next month and hopefully we will only have it for a short time before it is used as a deposit on a house. How do you suggest we save the money?

And now the full story. The OH and I have sold our house, whilst the sale is not complete we do expect to move out at the end of this month. The house we wanted has structural problems and I think we are going to walk away from it. In the current housing market we would rather move out and live with relatives rather than lose a buyer. Therefore at the end of the month we will move in with the OH's mum and our possessions will go into storage.

From the sale of our house we will receive £68,000 to use as a deposit on our next house. We intend to live in our next house for the next 30 years and want to make sure it is the right one for us. Taking into account the time it will take to find the right house, the vendors finding a house they want and then how quickly the chain moves, we may have the deposit for a few months.

So, how should we save the money? I should add we do not have any outstanding debts.

Thank you,
Peonie.

soulsaver

There are lots of similar posts on here.

Good luck.

property.advert

You cannot really go longer than a month's notice on the majority but some of it would need to be available immediately (if not all) as a deposit. At 3% your £68k will bring you in a miserly £5.59 a day before tax.

bendix

Peonie wrote: »

We need some advice. In short, we will have £68,000 coming to us in the next month and hopefully we will only have it for a short time before it is used as a deposit on a house. How do you suggest we save the money?

And now the full story. The OH and I have sold our house, whilst the sale is not complete we do expect to move out at the end of this month. The house we wanted has structural problems and I think we are going to walk away from it. In the current housing market we would rather move out and live with relatives rather than lose a buyer. Therefore at the end of the month we will move in with the OH's mum and our possessions will go into storage.

From the sale of our house we will receive £68,000 to use as a deposit on our next house. We intend to live in our next house for the next 30 years and want to make sure it is the right one for us. Taking into account the time it will take to find the right house, the vendors finding a house they want and then how quickly the chain moves, we may have the deposit for a few months.

So, how should we save the money? I should add we do not have any outstanding debts.

Thank you,
Peonie.

This might be a bit radical, but I'd suggest a bank or a building society.

I hope that helps.