What to do with lump sum for deposit?

np158

Last year I was lucky enough to receive a lump sum of £45,000 to be used towards purchasing my first home. When I initially received it I put it into a 1-year fixed-rate account (2.02% interest). That account will mature in September, around the time I plan to start looking for a property.

My question is - what should I do with the money in the meantime before I actually need it for my deposit? I will need it somewhere it is easily accessible so I can get it when the time comes, but I am aware that the process of house hunting can be very long and drawn out, so if I could put it somewhere it will be earning interest rather than just sitting there doing nothing then that would be ideal.

Any suggestions welcome!

muhandis

I would suggest looking up the best-buy easy-access savings accounts on MSE. Unfortunately, you will have to pay for the easy-access, the top easy-access accounts I can see all pay 1.5% interest.

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

If you're willing to put in a bit of effort then you could bring current accounts into the mix and do it in bits and pieces.