Short term savings

Matthew_Wharton

Hi all

I will be coming in to £30k in the next couple of months and i will be using that cash to put down on a deposit on a house. I may have this cash sitting in my bank account for up to 6 months (while I house hunt!) so i want to ask for advice from any savvy person out there what I could/should do with it rather than it just sitting in my standard First Direct Savings Account which has low interest... I was thinking about sticking in in there but I wondered if i could be a little cleverer!

Any advice much appreciated!

Thank you

eskbanker

See the quick links above entitled 'How to Start Saving' and 'Top Savings Accounts'....

Paul_DNAP

As eskbanker says, look at the guide to best instant access savings. Currently there is a Birmingham Midshires account there at 1.3% - internet only so you don't have to be in Birmingham or the Mid Shires to open it - and that will beat the 0.05% (I think) that First Direct are offering for savers (only had a quick look at their web).


The way to beat that would be to spread it around all the high rate current account offers.

djpailo

Paul_DNAP wrote: »

As eskbanker says, look at the guide to best instant access savings. Currently there is a Birmingham Midshires account there at 1.3% - internet only so you don't have to be in Birmingham or the Mid Shires to open it - and that will beat the 0.05% (I think) that First Direct are offering for savers (only had a quick look at their web).


The way to beat that would be to spread it around all the high rate current account offers.

Yup this is the best advice I think. I wouldn't open several current accounts whilst you are in the process of purchasing a house (and likely applying for a mortgage).