Short term savings

fivele

Hi All,


I have saved up £15K as a deposit for a new mortgage, I wish to save this short term and be able to withdraw with around 30 days notice.


Does anyone know of any deals as I hate to see money sat there and not earn any interest.


many thanks

YorkshireBoy

What's your definition of "short term"?

And if it's longer than mine, how many hoops are you prepared to jump through to get a better return?

fivele

minimum 3 months as I am looking for a house now and cant see me finding anything before then.


I'll jump through more hoops than a circus dog if it gets a good return

YorkshireBoy

Best savings account around 1.5% AER.

You could at least double that with a few high interest current accounts, but I wouldn't risk an application flurry if the house purchase is only 3-6 months away.

What's your own research thrown up so far? Have you seen the many articles on the main site here...

http://www.moneysavingexpert.com/banking/?_ga=1.51091809.913355753.1442440331

jimjames

fivele wrote: »

minimum 3 months as I am looking for a house now and cant see me finding anything before then.


I'll jump through more hoops than a circus dog if it gets a good return

Jump these hoops and you should be able to get 4-5% on most of it

http://www.moneysavingexpert.com/savings/which-saving-account?_ga=1.267702475.413929284.1367952361


Where is the money at the moment?

HappyMJ

fivele wrote: »

minimum 3 months as I am looking for a house now and cant see me finding anything before then.


I'll jump through more hoops than a circus dog if it gets a good return

One single application will get you a Santander 123 Account paying 3% interest and soon costing £5 per month and you can save up to £20,000 in that account.

It's not the best account for most people as there are other accounts paying more but you'll need to open more accounts which a few months before a mortgage application is something you'd probably want to avoid.

That would get you a before tax payment of £32.50 per month on £15,000.

badger09

Agree with HappyMJ

A Santander 123 won't net the absolute best return, but 1 credit search is likely to be viewed more favourably than 3 or 4 shortly before a mortgage application.

fivele

Hi all,


Thanks for the advice, I already have a Santander 123 account and I was wondering if there was a better savings plan out there. I have done a bit of research and cant seem to find anything given I need to keep my credit searches to a minimum and be able to get to the cash quickly.


I think I will stick to the 123 account.


Thanks All

colsten

Unless you make at least £5 a month from DD cashback, the Santander 123 is one of the worst accounts you could keep your money in.

eskbanker

colsten wrote: »

Unless you make at least £5 a month from DD cashback, the Santander 123 is one of the worst accounts you could keep your money in.

In general yes, but what would be your recommendation for £15K in this specific context of trying to minimise credit searches in the run up to an imminent mortgage application?

darkidoe

Santander 123 Seconded.