Where to put £30k for 12 months

cfcboy

Ive just sold my property and after ive paid my debts off I have £30k to put away whilst im renting for 12 months. When the 12 months is coming to an end i plan to buy a new house with the £30k acting as a deposit.

Ive not had any savings for a long time so a bit unsure what to do with this. Any advice? Thanks in advance

talexuser

Just click on savings above and read up on the best savings accounts. You can get slightly more by tying up for 1 year, but probably not worth the difference if you need the money in 11 months and lose out on a penalty withdrawal, so go instant access.

Most rates are pretty dire at the moment.

Bromley86

You need zero risk to the capital, so any bank will do (subject to the usual no-more-than-£85k-per-group rule). I'd try to open 2 Santander 123 accounts (current account, 3% interest of the first £20k).

In the past this was possible (even though they said you were only allowed 1), but they may have tightened up such that you cannot open multiple accounts. If that's the case, I think you might still be able to open 1 single and 1 joint 123 a/c (although note that exposes your capital to risk as your other half can abscond with it).

See https://forums.moneysavingexpert.com/discussion/4287711, amongst others.

Key thing - you need at least 2 direct debits from 2 different sources (i.e. 2 different Tesco savings accounts, not 2 DD from the same Tesco a/c).

xylophone

Santander 123, two TSB classic plus , one Nationwide Flex direct and the rest in an ISA?

Totton

There's also the possibility that you can also treble the Nationwide offerings if you can get a joint a/c as then you can have a separate a/c for you and any partner. Also - if you recommend your partner from the joint a/c and they recommend you from their single a/c, you could get 2 x £100 cash back between you :-)

innovate

talexuser wrote: »

Just click on savings above and read up on the best savings accounts..

Unfortunately, that article is quite out do date now since neither the Club Lloyds nor the TSB Plus figures. Best not to refer people to it until it has been brought up to date.