Saving lump sum for short period

lilclaire

Please help guys, I am so confused!

My grandad has very kindly offered to give me and my partner a lump sum of £20k for a house. We are not in a position just yet to buy, but in a few months we should be. This money from was from shares or something and he needs to get it into my account in the next week or so, so I need to open an account asap, however I really don't know what sort of account to put it in.

Its not ging to be there all that long (6 months max we hope!), so would putting it in a high interest savings account be worth it? We obviously don't want to have to incur any penalties or anything but would be nice to earn a bit of interset in a safe account for a bit until we are ready. (I have looked at the online savings accounts but am weary having to explain online banking to him when, to be honest, I would be a little worried investing that amount online!)

Any help much appreciated!

RayWolfe

lilclaire wrote:

he needs to get it into my account in the next week or so, so I need to open an account asap

Warning! Warning!
Not wanting to pry but if you want advice we will only help if this is legitimate. Is it?

lilclaire

Oh no! That crossed my mind when I sent it, it wasn't meant to sound dodgy, not at all! apologies about that.

I meant he just wanted to transfer it to me so I can start earning interest on it asap as we only want it to be in an account for a relativley short amount of time...

Hope that clears it up?

RayWolfe

Sure. Sorry to be so suspicious but you would be amazed at what people get up to and then ask for help on how to get away with it.

As for your problem (what a nice problem to have), get the money put into your current account and than think about where to put it until you need it. There are plenty of high interest instant access accounts out there. Take a look at:
http://www.moneyfacts.co.uk/savings/default.aspx

Play with all the options and from there select a couple of accounts that look interesting and then go to the websites to check them out.

There is no problem with online but if you feel more comfortable select phone or branch access (only those that are in reachable distance from you) and take it from there.

If you want further help after you've done some searching, I or someone else here will help you further.

Good luck.
Ray

tylerjaffa

I've just opened a click and save issue two with Scarborough Building Society. It's instant access and has a great rate of 5.8% gross p.a. You have to apply online but none of your details are submitted electronically - you simply print off your completed application and send it to them. They sent me confirmation that my account had been opened within 3 days - very impressed!

I hope this helps.

Vicki