Hmm... Where to Keep My 87k?

bobwilson

Hello all you lovely money saving experts! I've saved up my whole life and I'm now worth £87k :beer: lol not quite taking on bill gates but I do try birthday money from when I was a kid is in there! :A

I'm not young, but my first time house purchase just fell through, so I'm wondering where to store the money in the meantime.. I'm losing quite an intriguing amount to inflation at the moment

I have it spread across Barclays, Natwest, and HSBC, along with some ISAs that had okish interest % in their day but are probably not so ok now!

I don't know if I'll find a house tomorrow or in 5 years.. so I need it instant access.

My plan was to put £30k in a Santander 3% doofer, £10k in the new NS&I thingy, £30k in the new First Direct high interest current account & drip feed the First Direct instant access savings, and keep the remaining spread across my original HSBC / Barclays / Natwest accounts, but that was before First Direct turned me down, saying I "don't meet the criteria".

Do any of you lovely people have a better idea? (other than to give my cash to you of course! )

Baldur

bobwilson wrote: »

.....£30k in the new First Direct high interest current account & drip feed the First Direct instant access savings

AFAIK, First Direct don't pay any interest on their current account and, other than their 8% Regular Saver (which is limited to a maximum deposit of £3,600 over a 12 month period and is not instant access except by closure), they don't offer any particularly 'must have' savings accounts.

pennine

NS and I bonds would not suit you if you need the money in a hurry. You must have the money invested for 12 months before you get any interest.

oldtoolie

You can access your NS&I bond and other long term saving bonds early however you pay an interest penalty. So read the small print and make calculations.

If you say, take a 5 yr 5% bond and pull out after 1 year losing six months interest you still received 2.5% interest. If you hold it for 3 years you receive 5% for 2 years and 2.5% on the final year. And so on