Saving for a future mortgage

J421

Hi, my partner is selling his house for us to buy a house together in a year, when I'm mortgage ready. What kind account could he put the money from the sale in please. Would be approx 60k. Thank you 

george4064

For cash that is required in a years time, either;

• Stick all the money in the best paying savings account, either a 1year fix or easy access. For more info go here: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
• Put it all into NS&I Premium Bonds: https://www.moneysavingexpert.com/savings/premium-bonds/

maxsteam

I agree with the above, although I would suggest that you "consider" or "look at" the options rather than instructing you. There's a £50k limit for an individual's premium bond holding.

There's no reason why you should not think about dividing the money between the two options above or some other safe option. If the "best paying savings account" is some obscure bank that you had never previously heard of, it might be worth looking at the options further down the list.

Albermarle

 If the "best paying savings account" is some obscure bank that you had never previously heard of, it might be worth looking at the options further down the list.

Problem with this advice is that for most members of the general public, they will have never heard of hardly any of the banks paying the best savings rates . Some will even be nervous about using smaller building societies based far away from where they live

What is true is that some of the smaller banks , have some quirks with their account opening , customer service etc but some are very good .

OP - Have a look here and feel free to ask for the forum's opinion on any bank you are not sure about .Compare The Best UK Savings Accounts | moneyfacts.co.uk

maxsteam

Albermarle said:

 If the "best paying savings account" is some obscure bank that you had never previously heard of, it might be worth looking at the options further down the list.

Problem with this advice is that for most members of the general public, they will have never heard of hardly any of the banks paying the best savings rates . Some will even be nervous about using smaller building societies based far away from where they live

I don't see why that should create a problem. If you've not heard of an organisation or are nervous about using it for any reason, surely it's common sense not to trust the organisation with your life savings.