What sort of account to put deposit money in?

katiepants

Hi,

Apologies if this is wrong board...


My boyfriend and I are close to buying a house, and are at the point where we are getting the deposit together. His part of the deposit is coming from equity in a house that he has sold, mine is gifted from my Mother.

We want to open some sort of joint savings account to 'hold' it in until it is needed.

Can anyone advise what sort of account would be best? The amount of money is going to be about 60k, and it obviously needs to be easily accessed since we are beginning to view houses within the next month.

I'm thinking some sort of instant cash ISA might be best, but a lot of the account types are all jargon to me.


Thanks in advance!

DCFC79

Just an account you can easily access should be fine.
So the total amount of money is £60k right ?

sal_III

Probably not the best forum for this question.

I would avoid using any type of ISA as it would go towards yearly limits and there are a number of considerations. Go for a regular savings account that allows instant access like the one from Marcus bank at 1.5% interest. Unless you have other sources of interests you are not going to break the £1000/£500 tax allowance in a couple of months.

katiepants

DCFC79 wrote: »

Just an account you can easily access should be fine.
So the total amount of money is £60k right ?

Yes, 20k coming in the form of a cheque to my BF from solicitors, and 40k would be transferred straight in from my Mum.

katiepants

sal_III wrote: »

Probably not the best forum for this question.

I would avoid using any type of ISA as it would go towards yearly limits and there are a number of considerations. Go for a regular savings account that allows instant access like the one from Marcus bank at 1.5% interest. Unless you have other sources of interests you are not going to break the £1000/£500 tax allowance in a couple of months.

OK thanks, will look for an easy access savings account then.

sal_III

katiepants wrote: »

OK thanks, will look for an easy access savings account then.

Just bear in mind that most of them can only accept from and make payments to a nominated current account, so the cheque and the money from your mum will have to routed through your current account. OR if there is trust issue your BF can open a separate savings account in his name and route the cheque through his current account.

Alternatively you can open a joint current account with Starling which pays 0.5% AER to account balances below £2,000, and 0.25% to those under £85,000, so you will at least get some interest.