Buying House - Money in Saving Accounts

mazibee

Hi All,

We are FTB and in the process of buying a house

£50k in my saving account with Barclays
£25k in saving account of my spose (Barclays)

At the moment we are only getting approx £12.50 per month on my account and £5~£6 in my spouse account.

Any other options that the saving account?

Suggestions are welcomed so that we can earn best rates and at the same time money is also safe.

Thanks in advance

Shashy

Sounds like you're achieving about 0.5% on your 50 grand.

A Marcus account sounds suitable. They pay 1.5%

droopsnoot

Have you had a read through the savings accounts article on the main site? https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/


It might be that if you're in the process of buying a house, the small increase in interest won't be sufficient to deal with the hassle of moving the cash.

eskbanker

If you're buying a property for no more than £250K (£450K in London) and won't be completing until at least July, then you could each open a Help To Buy ISA to earn a 25% bonus on a small chunk of that money, at worst £800 on £3,200....

AnotherJoe

If you literally are in the process of buying a house then other than opening HTB ISAs and or LISas (I dont know how those work together) to get the bonus if you havent already done so, there seems little point presumably you are just a few weeks away?

mazibee

AnotherJoe wrote: »

If you literally are in the process of buying a house then other than opening HTB ISAs and or LISas (I dont know how those work together) to get the bonus if you havent already done so, there seems little point presumably you are just a few weeks away?

Thanks for the reply.


Yes you are right and don't want to move the money at this stage causing any problem to the solicitors.

Shedman

Surely if you're that close to finishing buying a house (even if it's a few months through exchange and completion process) it doesn't make any sense to start moving monies around for a few extra quid when put in the context of the total costs involved in buying anyway weighed against the risk of something going wrong with the transfer, accounts getting blocked etc etc.

george4064

For simplicity given your situation, I would crack on and open a Marcus UK savings account.

More info via the link droopsnoot posted.