Maxed out the various current accounts etc - what now?

chamelion

Hi all,

Planning to buy a house next year which I'm sure will use up all my cash. But for now need somewhere to stash maybe £20k-£30k until next year - in liquid-as-possible form.

Currently maxxing out on:
- 2 x santander
- 2 x TSB classic plus
- 3 x BOS Vantage
- 1 x club lloyds
- 1 x Tesco checking (2nd one applied for already)
- 1 x FD regular saver
- 1 x Nationwide regular saver
- 1 x Nationwide regular saver ISA
- 1 x Lloyds monthly saver

Have a bunch in stocks (HL) but don't want to add more as liquidating could be a challenge.

Have I left out any savings possibilities? Nationwide flexdirect - already used up, it's in the past 12 months so won't get that again.

Atidi

chamelion wrote: »

Hi all,

Planning to buy a house next year which I'm sure will use up all my cash. But for now need somewhere to stash maybe £20k-£30k until next year - in liquid-as-possible form.

Currently maxxing out on:
- 2 x santander
- 2 x TSB classic plus
- 3 x BOS Vantage
- 1 x Tesco checking (2nd one applied for already)
- 1 x Nationwide regular saver
- 1 x Nationwide regular saver ISA
- 1 x Lloyds monthly saver

Have a bunch in stocks (HL) but don't want to add more as liquidating could be a challenge.

Have I left out any savings possibilities? Nationwide flexdirect - already used up, it's in the past 12 months so won't get that again.

With that amount of cash sloshing around (plus other investments) I would suggest you go and see an Independent Financial Adviser

Why are you waiting to buy a house with all that money already sitting there? Prices are skyrocketing at present.

chamelion

Atidi wrote: »

With that amount of cash sloshing around (plus other investments) I would suggest you go and see an Independent Financial Adviser

Why are you waiting to buy a house with all that money already sitting there? Prices are skyrocketing at present.

Haha! well - I was planning to leave the UK last year and take my assets and buy a house abroad. Turns out I'm sticking around, so will get a house. At the moment I'm renting, booked until November next year so I'll probably start house hunt in the next few months.

polymaff

chamelion wrote: »

Hi all,

Planning to buy a house next year which I'm sure will use up all my cash. But for now need somewhere to stash maybe £20k-£30k until next year - in liquid-as-possible form.

Currently maxxing out on:
- 2 x santander
- 2 x TSB classic plus
- 3 x BOS Vantage
- 1 x Tesco checking (2nd one applied for already)
- 1 x Nationwide regular saver
- 1 x Nationwide regular saver ISA
- 1 x Lloyds monthly saver

Have a bunch in stocks (HL) but don't want to add more as liquidating could be a challenge.

Have I left out any savings possibilities? Nationwide flexdirect - already used up, it's in the past 12 months so won't get that again.

Club Lloyds? Get a switching bonus out of closing the FlexDirects? First Direct Regular Saver?

irm

If you must keep it as cash, then start looking at what cash ISA options exist. Either easy-access or maybe fixed for a year. The rates won't be as good as on the current accounts, but it's a start.

You can also get 2% (pretax) on up to £3000 with a current account direct from Clydesdale.

chamelion

polymaff wrote: »

Club Lloyds? Get a switching bonus out of closing the FlexDirects? First Direct Regular Saver?

oops forgot to add club lloyds and the FD regsave....

TheTracker

Atidi wrote: »

With that amount of cash sloshing around (plus other investments) I would suggest you go and see an Independent Financial Adviser

Why? I would be interested to hear from an IFA what an IFA could advise beyond the advice given. Sounds like a comprehensive list for someone with 100k'ish who expects to buy a house with it next year. I'm sure an IFA could do a sterling job advising someone who didn't know where to start.

OP, after those I moved into chasing best easy access accounts, I've a 5 digit sum in tesco 1.35%, but it includes a 12 month bonus. Newcastle BHS if they still have their home saver account available for opening at 1250/month is slightly higher.

jondavis30

Sounds like you have more money than sense with all of those accounts. Why do you need moneysavingexpert advice ? Interesting.

chamelion

jondavis30 wrote: »

Sounds like you have more money than sense with all of those accounts. Why do you need moneysavingexpert advice ? Interesting.

again - what's your recommendation? I've leveraged every possible account option available, have a load in stocks and shares and peer to peer lending too - my overall return at the moment is about 5%. I can't lock up funds and I'll probably use up majority of my liquid cash when i buy a house next year, so just need ideas for a temporary stashing area. I don't see this as being a low-sense approach?

bsms1147

HSBC taking some at 6% a month, though you'd be committed for a year.

You've got P2P already, but Ratesetter monthly market at 2.4% may be the next contender, 3.7% if you're in it for a year. No FSCS protection though as you know, but that's the trade-off by wanting the higher rates.

chamelion

bsms1147 wrote: »

HSBC taking some at 6% a month, though you'd be committed for a year.

You've got P2P already, but Ratesetter monthly market at 2.4% may be the next contender, 3.7% if you're in it for a year. No FSCS protection though as you know, but that's the trade-off by wanting the higher rates.

Been using funding circle since last Jan, been hitting 9% return on that per annum - so now 2 years at 9%. I think I may just add more funds in there - quite easy to liquidate using the marketplace option. Risky, but so far has been really fruitful over 2 years!