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Short term saving/investments.
lostinrates
Posts: 55,283 Forumite
Thanks to friendly people from this site I realise I have some time to make my savings work before applying for a mortage which I'll do in the new year. So I can do something more useful with my savings than have them sitting in a fairly low interest account (approx £10,000) where they are for easy access and the (shoot me now!: but I'm new to money saving) £60,000 we have in premium bonds. So, I'm cancelling the bonds this week, it takes a month to get the money back....three months between getting the money and using it as a house deposit....
What would you do with it in that time? I realise that not being able to lock it for a year is a pain, but so is not having a home!
What would you do with it in that time? I realise that not being able to lock it for a year is a pain, but so is not having a home!
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I think you can get it into an account with more than 6.5% annual interest with instant access and no loss of payment for withdrawing money. On £10000 that would net you about £160 in 3 months before tax, which is obviously a nice little bit of money for doing next to nothing. Obviously with £60k more that will be even nicer!I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0
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