Where to put my savings?

Blue_Monkey

Hi all,

I'm looking for some help for where OH and I should put our savings? I think we're getting really pap rates at the moment and would like to make our money go further. We've got about £80k in total:

OH - £30k in nationwide savings
Me - £40k in nationwide savings
Me - £10k in Santander ISA

We'd like to buy a house in the new year so most of that will go on a deposit so we'll need access to it, but we'd also like some left over for rennovations/decorations - plus I'm about to go on maternity leave and we're also planning a wedding next September!!

Any advice pretty please?

Thanks, BM x

PS. At 8 months pregnant and having just moved back to the UK from Australia my headspace is limited in terms of researching this on top of everything else, so I'm afraid I'm taking the easy way out by asking you guys to tell me what to do! I'd like to get it sorted before bubba arrives too!

barak

Have a look at http://www.moneysavingexpert.com/banking/

psychic_teabag

Since you need the money within a year, that pretty much dictates instant-access savings. Or maybe a notice account, but a quick look at what's available suggests notice accounts aren't really beating instant-access at the moment.

If your OH pays tax, they should have an ISA too. If not, have you considered transferring some of your non-ISA savings to their name to avoid tax ? (Note that you are giving them the money, so you have to completely trust them !)

With £80k, each extra 1% interest you can get is worth £800 per year.

It depends which nationwide accounts you have
- old esavings is 0.45%
- old esavings-plusis 2% with limited withdrawals
- mysave online is 3.12% which is close to top of tables, but it does have limited withdrawals

With 10k in ISA, some of that must be from last tax year - you also need to check whether that account had a bonus which has expired - if so, you'll want to do an ISA transfer. (And you know not to just withdraw your ISA money and try to repopen a new ISA elsewhere, right ..?)

worldwheeler

psychic_teabag wrote: »

- mysave online is 3.12% which is close to top of tables, but it does have limited withdrawals

It would seem mysave is a shell for Barclays. This explains the 3-5 day via clearing to transfer from a Nationwide current account to this mysave account. What are Barclays levels of leverage?