Short term saving

PeterJames123

Hi,

I live with my wife and 3 children at my brothers home who’s kindly allowed us to stay while we build up enough money for a deposit for our own house.  The houses we are looking for are around £280k - £330k. So far we have around £100k by working 2 jobs each and also some inheritance saved up. We have 5 months before we need to leave as my brother is selling up. Any idea where we could put that money to gain the most out of it without losing it. We have it in premium bonds now but only won £25 in 9 months. 

I found an easy access saving account from HSBC which is 4% but was wondering if there is anything I have not thought of. Thanks again. 

wmb194

PeterJames123 said:

Hi,

I live with my wife and 3 children at my brothers home who’s kindly allowed us to stay while we build up enough money for a deposit for our own house.  The houses we are looking for are around £280k - £330k. So far we have around £100k by working 2 jobs each and also some inheritance saved up. We have 5 months before we need to leave as my brother is selling up. Any idea where we could put that money to gain the most out of it without losing it. We have it in premium bonds now but only won £25 in 9 months. 

I found an easy access saving account from HSBC which is 4% but was wondering if there is anything I have not thought of. Thanks again. 

Have a look at MoneyFacts' tables. If you're not going to be buying for a while you could think about one or two year fixed rate accounts.

https://moneyfactscompare.co.uk/savings-accounts/

Albermarle

PeterJames123 said:

Hi,

I live with my wife and 3 children at my brothers home who’s kindly allowed us to stay while we build up enough money for a deposit for our own house.  The houses we are looking for are around £280k - £330k. So far we have around £100k by working 2 jobs each and also some inheritance saved up. We have 5 months before we need to leave as my brother is selling up. Any idea where we could put that money to gain the most out of it without losing it. We have it in premium bonds now but only won £25 in 9 months. 

I found an easy access saving account from HSBC which is 4% but was wondering if there is anything I have not thought of. Thanks again. 

The bigger well known banks tend to have the worst savings rates. With any bank you should not hold more than £85K.
Best savings accounts: 5% easy access or 6.05% fixed rates (moneysavingexpert.com)

Are you saying you both have £50K in premium bonds, but have only won £25 in 9 months? The odds against that are extremely high !

eastmidsaver

you can get decent 6 month fixes out there,    and if you go on HL active savings they got some 3 month fixes too.