Savings interest on larger balances?

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All the MSE "top savings" accounts seem to be limited on a balance of £2,500 - £20,000.

I have £200k (from an inheritance) which I expect to be investing in a house in the next few months. So property and shares are not sensible options.

Is there anywhere I can put this sum to earn interest on the whole balance? My 1-2-3 account is maxed out and while I could get a 2nd for the wife it requires a bit of mucking about with DDs and so on.

Where can I compare interest rates for larger balances? Even after getting another 1-2-3 and perhaps maxing out cash ISAs I'd have £100k sitting there doing absolutely nothing.
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  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    edited 10 October 2016 at 1:25PM
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    National Savings & Investments monthly interest bonds - pays 1% and government backed.

    For comparison tables see the financial comparison sites including MSE articles, their owner moneysupermarket, and all their rivals you see advertised on telly (meercats, mad operatic guy etc). Take care not to confuse safe bank accounts with peer-to-peer lending which carries more risk.
  • badger09
    badger09 Posts: 11,247 Forumite
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    If you envisage using the whole £200k for a house purchase within the next few months, then it isn't worth faffing about with multiple accounts for the few £ you could earn.

    bowlhead99's suggestion is the sensible (and unusually brief:p) answer.
  • Mr.Boy
    Mr.Boy Posts: 189 Forumite
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    Thanks you two. Yeah it's not worth a lot of hassle but at 1% that's £166 a month which is neither to be sniffed at... could easily end up being £500-1000 depending on timescales. So worth a bit of faff but not messing about with loads of little accounts in my view.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    d000hg wrote: »
    Thanks you two. Yeah it's not worth a lot of hassle but at 1% that's £166 a month which is neither to be sniffed at... could easily end up being £500-1000 depending on timescales. So worth a bit of faff but not messing about with loads of little accounts in my view.
    Gross, yes. But you will possibly (probably?) have some tax to pay on that.

    Had Santander not cut their rates from next month I might have suggested 2 more 123 accounts (for approx. £100 a month) and a punt on Premium Bonds with some of the rest?
  • Mr.Boy
    Mr.Boy Posts: 189 Forumite
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    You get £1000 of tax-free savings interest annually (right?) so I think I'd be doing well to start getting taxed. I do a SATR so could reclaim pre-taxed interest.
  • polymaff
    polymaff Posts: 3,905 Forumite
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    edited 10 October 2016 at 3:29PM
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    d000hg wrote: »
    You get £1000 of tax-free savings interest annually (right?) so I think I'd be doing well to start getting taxed. I do a SATR so could reclaim pre-taxed interest.

    Somewhere between 0 and £6,000, actually - depending upon your circumstances - and there is no pre-taxed savings interest now.

    Like bowlhead suggests (?), I've gone down the NS&I Income Bond path recently - particularly to accumulate multiple maturities. Shoved some of it into Premium Bonds and got £75 this month :T
  • bigfreddiel
    bigfreddiel Posts: 4,263 Forumite
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    We got £100 winnings from pbs this month
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    Hmmm... Wonder if PBs are a good home for £30k of stoozed funds?
  • polymaff
    polymaff Posts: 3,905 Forumite
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    jeepjunkie wrote: »
    Hmmm... Wonder if PBs are a good home for £30k of stoozed funds?

    Premium Bonds can be treated as an investment, not a gamble. The recent non-gamble rate is 1.14% which, to a 40% tax-payer is the equivalent of 1.9%.
  • northbob
    northbob Posts: 53 Forumite
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    I would agree if you have that much cash and need flexibility then a max 50k on PBs should return close to 1% on average. With a remote but possible bigger upside which is OK as it sounds like if the rest gets 1% elsewhere you won't be too down if the PBs don't return much.
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