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Bank account for house deposit
succuba5
Posts: 54 Forumite
Not 100% sure which forum to post this in...
Our house is completing on Friday and we haven't yet found a house we want to move to so we're currently living with my inlaws.
We're going to have a chunk of money in our bank account from the sale of our house which I want to keep separate from our bank account so it doesn't start dwindling away!
I want to split it between myself and my husband in two different bank accounts so it's protected.
We will be using the money as a deposit for a house when we find one, that could be in a month, 3 months who knows (I hope it won't be too long but want to find the right house rather than rush into anything)
Can anyone advise the best bank account to put it into?
Can we earn interest on it if it's only in for a couple of months?
Thank you!
Our house is completing on Friday and we haven't yet found a house we want to move to so we're currently living with my inlaws.
We're going to have a chunk of money in our bank account from the sale of our house which I want to keep separate from our bank account so it doesn't start dwindling away!
I want to split it between myself and my husband in two different bank accounts so it's protected.
We will be using the money as a deposit for a house when we find one, that could be in a month, 3 months who knows (I hope it won't be too long but want to find the right house rather than rush into anything)
Can anyone advise the best bank account to put it into?
Can we earn interest on it if it's only in for a couple of months?
Thank you!
0
Comments
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Premium bonds.
Interest will be miniscule0 -
Easy access accounts here
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html0 -
Are we talking £150000 or £1000000An answer isn't spam just because you don't like it......0
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As above, if you each open an easy/instant access savings account with your existing bank/s & put the money away.
There is a temporary increase in the protection limit for house sales etc.0 -
£85k in Marcus0
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All accounts are potectd for unlimited amounts for 6 months for money from a property transaction.
https://www.fscs.org.uk/your-claim/temporary-high-balances/
Longer that, each bank is protected to £85K.
Except NS&I (unlimited).0 -
Worth clarifying that not every single bank brand is protected separately.Longer that, each bank is protected to £85K.
https://www.fscs.org.uk/your-claim/useful-information/banking-licences/
https://www.which.co.uk/static/tools/new-reviews/who-owns-who-banking/who-owns-who.html0
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