Easy Access Savings

Nomates

Hi There, Me and my partner have just sold a property and have about £200,000 which we would like to invest .We don't want to tie it in for more than six months and realise that best practice would be to have three accounts £85,000 × 2 and  another for about £30,000 . So would it be advisable to bank the 2 x £85,000 amounts in the same bank under two different names ( but living at the same home address ? )
Also which bank would suit our needs please ?

ColdIron

2 accounts at one organisation is fine, you have separate protection

N.B. You could open a joint account for £170,000 with combined protection

wmb194

Nomates said:

Hi There, Me and my partner have just sold a property and have about £200,000 which we would like to invest .We don't want to tie it in for more than six months and realise that best practice would be to have three accounts £85,000 × 2 and  another for about £30,000 . So would it be advisable to bank the 2 x £85,000 amounts in the same bank under two different names ( but living at the same home address ? )
Also which bank would suit our needs please ?

For six months you can take advantage of the FSCS' temporary high balance cover of £1m.

I'd be cautious splitting it between people if you're not married and the money actually belongs to just one of you.

eskbanker

wmb194 said:

Nomates said:

Hi There, Me and my partner have just sold a property and have about £200,000 which we would like to invest .We don't want to tie it in for more than six months and realise that best practice would be to have three accounts £85,000 × 2 and  another for about £30,000 . So would it be advisable to bank the 2 x £85,000 amounts in the same bank under two different names ( but living at the same home address ? )
Also which bank would suit our needs please ?

For six months you can take advantage of the FSCS' temporary high balance cover of £1m.

Only if they sold their primary residence - the reference to selling 'a property' could imply something else....

BooJewels

NS&I have no protection limit, so you could put it in Premium Bonds (approx 2.2%, max £50k) Income Bonds (pay interest monthly at 1.8%) or Direct Saver (1.8%).  So a lower payout than other products, but easy for short term safety.  

AmityNeon

You could each fix £80,000 for six months with Atom Bank at 3.35% AER.

If you haven't utilised your ISA allowances, you could then split the remaining £40,000 in 2x Virgin Money EA Cash ISA Exclusive, which pays 3% AER and is both instant access and flexible (so you can replace any withdrawn funds), but you will need to open/hold a current account with them. There are no easy access accounts paying more than 3% (regardless of ISA status), and of those that pay the same rate, none have this degree of flexibility (or tax advantage).

Band7

For a complete list of current savings rates, go to https://moneyfacts.co.uk/savings-accounts/

[Deleted User]

Hi,

in MSE newsletter this week, Coventry BS have 2.85%, only six withdrawals a year, which won't affect you, LOOK.

Band7

frugalmacdugal said:

Hi,

in MSE newsletter this week, Coventry BS have 2.85%, only six withdrawals a year, which won't affect you, LOOK.

This is just one of the many listed on the link I posted earlier

Bigwheels1111

Never save more than 85k, ie 80k at 5% would pay 4k = 84k and protected by FSCS.
85k saved and interest could be lost if bank went under.

Nomates

I thought 85k being the upper safe limit not 84k ?