House Sale Money

josecc

Hi
I have over £20000 sitting in my savings account paying 0.1% interest.
Would it be better moving it to a savings account paying a higher interest rate and if so where would be best?
I can't see us moving and needing the money for at least 3 months due to current circumstances.

Thanks

maximoose94

Interest rates are at an all time low. Depends if you're worried about the faff for earning a few £.
Instant access savings will have the lowest interest rates. Can get higher if you lock up the money for 1yr+

Elderone

Marcus are great although they have just dropped their interest rate it remains competitive. Easy to deal with online and fast payments.

eskbanker

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

wmb194

You could also consider Premium Bonds.

Albermarle

Regardless of your current situation/plans you should never let money sit in accounts with these abysmal rates.

Sailtheworld

£20k @ 0.1% = £20 interest / £20k @1.25% = £250 interest. I'd get out of bed for that.

However, that's for a year. If you're going to spend it in 3 months then it's £5 vs £62.5. I might have a lie in