Bank account for house deposit

succuba5

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!

sal_III

Pick a flexible/instant access savings account and you can earn about 1.5% interests. A selection of the best options available can be found here:

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

As per usual don't put more than £85k in any one banking group

eskbanker

sal_III wrote: »

Pick a flexible/instant access savings account and you can earn about 1.5% interests. A selection of the best options available can be found here:

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

As per usual don't put more than £85k in any one banking group

No need to worry about the normal FSCS limit, as this doesn't apply for up to six months in circumstances like this: https://www.fscs.org.uk/your-claim/temporary-high-balances/

[Deleted User]

A savings account should suffice surely?

If you’re moving or remortgaging then I wouldn’t take any new lines of credit - including opening a current account.

18cc

Marcus pays 1.5%, Cynergy pays 1.5% - both instant access and fscs protected up to £85k

Or ns&i pays 1.15% and fully protected

sal_III

18cc wrote: »

Marcus pays 1.5%, Cynergy pays 1.5% - both instant access and fscs protected up to £85k

Or ns&i pays 1.15% and fully protected

Marcus is down to 1.45%

Also most of the top pick 1-2-3 year fixed accounts on the MSE article I linked above are down too.

Does anyone knows how to get MSE to update the article?

18cc

is marcus down for everyone or just new applicants

YorkshireBoy

18cc wrote: »

is marcus down for everyone or just new applicants

The bonus rate is fixed for 12 months so they can't change it.

The underlying rate is variable. Have they notified existing customers they're reducing it?

18cc

looks like they have reduced the bonus rate on renewal to .1% from .15%

londoninvestor

18cc wrote: »

is marcus down for everyone or just new applicants

Heh, perhaps there should be an interest rate version of:
https://downforeveryoneorjustme.com/

badger09

YorkshireBoy wrote: »

The bonus rate is fixed for 12 months so they can't change it.

The underlying rate is variable. Have they notified existing customers they're reducing it?

or 12 months + 1=1+1+1 (insert your own number of days as appropriate) for some posters:cool: