Short term saving advice

Marienfeld10

Advice please. About to get 70k which will in 2-3 years become a deposit on a house. Need to wait 2-3 years because of husbands job and decisions etc etc. Husband employed and higher band tax payer, I have just become self employed so lower rate tax payer. I earn very very little!! Have a child's ISA for each of the children so they are being saved for. What would you do with that 70k for this short period of time. Would you speak to your current bank, ISA's etc etc. So unsure as to what to do. Thanks

badger09

To start with, have a read through the topics for which there are links immediately above your post.

jimjames

Marienfeld10 wrote: »

Would you speak to your current bank, ISA's etc etc. So unsure as to what to do. Thanks

I can safely say that talking to your current bank is unlikely to be the most productive source of information or returns for you. A bank will only sell you products from their range, they won't say that there are better options.

xylophone

Are you eligible for the HTB ISA?

Consider using joint and sole current accounts to hold the cash and earn reasonable interest.

TSB Plus, Club Lloyds,Nationwide Flexdirect, Tesco, Santander.....

Don't forget Personal Savings tax allowance in the new tax year.

Eco_Miser

Both of you could have a HTB ISA, (with Halifax for the best rate), if eligible.
Beyond that, a couple can get around £130k into high interest accounts, as detailed here, using a sole each plus joint, except for Tesco and BOS, where multiple sole accounts are allowed.
With the joint accounts you may be able to make a declaration to HMRC so you get the interest, and if you really earn very little, you can have an extra £5k of interest tax-free. (Starting Rate for Saving)