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Money for deposit, what to do with it?
DrPips
Posts: 57 Forumite
Hi,
After my separation, I’m being bought out of my share of the house and will have a fairly significant (for me anyway) amount of money. I’m going to use this for a deposit on a house as I’m currently renting. I don’t know when this will be needed though, could be a couple of month up to 18 possibly.
After my separation, I’m being bought out of my share of the house and will have a fairly significant (for me anyway) amount of money. I’m going to use this for a deposit on a house as I’m currently renting. I don’t know when this will be needed though, could be a couple of month up to 18 possibly.
What would your suggestions be as to what to do with it? I was thinking bunging my maximum amount of premium bonds in (you never know! 😂) but what to do with the rest? Can’t lock it away because not sure when I’ll need it.
TIA
Dom
TIA
Dom
0
Comments
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Premium bonds or a savings account . Remember that max compensation if a bank goes bust is £85K, although much higher for money related to house buying/selling, but only for 6 months .
Currently the average return on PB's ( 0.9%) has slipped behind what is on offer with savings accounts, although the returns are tax free.
Compare The Best UK Savings Accounts | moneyfacts.co.uk
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As well as doing PB's for some of the £ and you could also split £'s into banks/bs's paying the highest interest %'s like:
- Chase, saving account at 1.50% & current account 1% cashback
- Atom 1.25%
- Cynergy 1.20%
- Zopa 1.19% & 7days 1.24%, 31days 1.34%, 95days 1.44%
- Tandem 1.10%
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Stick it in a Chase Savings account. Premium Bonds don't seem to be worth it0
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