Best way to increase interest on £70k

b1mb0

Currently have £70k+ in a standard savings account and know I am not getting the best rate at all.

Any advise on how I can capitalize on interest? I am looking to buy a property within the next 3-6 months and don't want to jeopardize my credit score and risk of being declined.

Any help would be appreciated.

Kind regards,

Phil.

colsten

You could in theory get better interest on £50K but as this involves credit checks, it could hamper your chances to get a mortgage.

racing_blue

Presumably you will need an easy access saving account, Virgin Money offer 1.41% and allow up to three withdrawals (current that's as good as it gets according to MSE)

That gives £82.25 interest per month on £70K. What are you getting now? Is the gain worth the hassle for 3 - 6 months?

Or did you have something else in mind.

b1mb0

Was thinking about the Santandar 123 account, but not sure what returns i'd get.

currently getting around £35 interest per month after tax.

techwatcher

The Santander 123 account pays 3% but only pays interest on a balance up to £20000. There's also a £5 per month fee. After the fee and tax it pays around £36 per month on £20k. You can only have one sole account but you can have a second joint account on the same terms if that works for you.