Temporary savings

phynbarr

I am cashing in some shares in order to buy a house and want to put it somewhere safe and accessible whilst that goes on. Good interest rate a bonus

I don't think the Santander current account is suitable as this will be a one-off deposit of a lump sum

The other question is what paperwork do I need to convince over enthusiastic banks that this is not some money laundering scheme!

ColdIron

What sort of sums are involved? The suggestions for £20,000 could be very different to £200,000

phynbarr

about £100K

G_M

hy does a one-off deposit preclude Santander 123? If you are married, 2 x 123 accounts = 20K of your 100K

Then the variuos Vantage/Enhance accounts (if still available) makes up a lot of the rest.

A bit of a fag setting it all up if it's just a very short term thing.

Alternative is use a comparison site and get around 1.3% savings account for the lot.

YorkshireBoy

What's your own research found so far? Any options you'd like to put on here?
Is your own bank an option?
For how long do you envisage 'saving' the money?
How many hoops are you prepared to jump through?
All UK banks are 'safe', due to FSCS protection, if you stay below £85K (or £170K if there are two of you).
If you want 100% guaranteed safety on £85K+, look at NS&I.


Re the paperwork, how will you receive the funds?...cheque? (if so, there's your paperwork)...electronic transfer? (there will be payment traceability, so no paperwork required).

ColdIron

You should stay within the FSCS limit of £85K, double if a joint account

The only exceptions to this are NS&I accounts which are secure and Treasury backed. The Direct Saver at 1.1% or maybe Income Bonds at 1.25%

You could look at easy access savings accounts at about 1.4%

The best rates would require setting up quite a few interest paying current accounts such as the Santander 123 but this may be more effort than you want to take for a short term

Presumably you will not be walking into your bank with a duffel bag of cash, so there should be no problem if the money is transferred from your broker etc