Short term/high lump sum saving accounts?

Alfietinker

Hi,

We are remortgaging to build an extension, and will very soon have £65k in our current account, to pay for the build, over the course of 6-7 months.

We want to keep this separate, for budgeting, but are not sure what kind of account would be best to put this in, to maximise interest. Another current account or a savings account? I am a non-tax payer, so it will be in my name.

Any thoughts, as it will only be a few months until the money is gone again! :rotfl:

Thanks.

innovate

This sort of question has been asked dozens of times on this forum. The answer is always the same. Currently, current accounts pay the best interest. Just do a bit of research.

Alfietinker

Hi, thanks for answering.

I have done some research (and searched the forum). The best current account deals seem to have an upper threshold (eg £20k), that's why I asked if anyone has any recommendations, where I could gain interest on the whole amount.

R_P_W

Any savings account! It has been asked dozens of times. There are no special accounts for this.

innovate

Alfietinker wrote: »

Hi, thanks for answering.

I have done some research (and searched the forum). The best current account deals seem to have an upper threshold (eg £20k), that's why I asked if anyone has any recommendations, where I could gain interest on the whole amount.

You have done some research but not a lot, I am afraid. If you had done more, you would have found ways [the only ones] to get the same or similar deals on x times £20K, or x times £5K. Finding good homes, as good as it gets these days, for instant access accounts for £65K (per person) isn't hard. You won't find the best deals in a single account but it's not to onerous if you really want to. It only gets really hard over about £110K.

badger09

innovate wrote: »

Finding good homes, as good as it gets these days, for instant access accounts for £65K (per person) isn't hard. You won't find the best deals in a single account but it's not to onerous if you really want to. It only gets really hard over about £110K.

£65k? Over £110k?

Do you mean £85k and £170K?
Or have I missed a sneaky reduction in FSCS protection limit :eek: