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ThePirates

Is Cahoot not 5.2%

flaneurs_lobster

ThePirates said:

Is Cahoot not 5.2%

Cahoot's Sunny Day Saver? 

Limited to £3K, but yes, 5.2% AER.

jameseonline

Well Ford previously reduced their rate & recently put it up so I'm not sure it bucks a trend exactly 🤣

leitmotif

Hi all. If you had half a million sat around and wanted reasonable access (max. 90 days) due to possibly buying a house in the next 12-18 months, what savings accounts would you spread it over (bearing in mind £85K FSCS cover)? Asking for a friend who doesn't have an account (and who is perhaps not so keen on Vanquis due to their focus on subprime).

EDIT: She has added that she could give some or half of the money to her common-law partner too.

wmb194

leitmotif said:

Hi all. If you had half a million sat around and wanted reasonable access (max. 90 days) due to possibly buying a house in the next 12-18 months, what savings accounts would you spread it over (bearing in mind £85K FSCS cover)? Asking for a friend who doesn't have an account (and who is perhaps not so keen on Vanquis due to their focus on subprime).

The best ones or if you don’t want the bother and are willing to accept a lower rate put it all in NS&I as that’s 100% backed by the government (you’re lending directly to the Treasury).

leitmotif

wmb194 said:

leitmotif said:

Hi all. If you had half a million sat around and wanted reasonable access (max. 90 days) due to possibly buying a house in the next 12-18 months, what savings accounts would you spread it over (bearing in mind £85K FSCS cover)? Asking for a friend who doesn't have an account (and who is perhaps not so keen on Vanquis due to their focus on subprime).

The best ones or if you don’t want the bother and are willing to accept a lower rate put it all in NS&I as that’s 100% backed by the government (you’re lending directly to the Treasury).

That sounds interesting but the difference in interest between that and the higher accounts could be as much as £7K before tax. Putting in a few hours to apply for savings accounts is definitely worth it for that kind of money.

KevinG

leitmotif said:

Hi all. If you had half a million sat around and wanted reasonable access (max. 90 days) due to possibly buying a house in the next 12-18 months, what savings accounts would you spread it over (bearing in mind £85K FSCS cover)? Asking for a friend who doesn't have an account (and who is perhaps not so keen on Vanquis due to their focus on subprime).

EDIT: She has added that she could give some or half of the money to her common-law partner too.

You're forgetting the temporary high balance cover https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

mebu60

leitmotif said:

Hi all. If you had half a million sat around and wanted reasonable access (max. 90 days) due to possibly buying a house in the next 12-18 months, what savings accounts would you spread it over (bearing in mind £85K FSCS cover)? Asking for a friend who doesn't have an account (and who is perhaps not so keen on Vanquis due to their focus on subprime).

EDIT: She has added that she could give some or half of the money to her common-law partner too.

Put it in NS&I where fully protected. Perhaps open some savings accounts at £80k.

Do not give half of it to anyone else! 

mebu60

KevinG said:

leitmotif said:

Hi all. If you had half a million sat around and wanted reasonable access (max. 90 days) due to possibly buying a house in the next 12-18 months, what savings accounts would you spread it over (bearing in mind £85K FSCS cover)? Asking for a friend who doesn't have an account (and who is perhaps not so keen on Vanquis due to their focus on subprime).

EDIT: She has added that she could give some or half of the money to her common-law partner too.

You're forgetting the temporary high balance cover https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

Even if the source of the funds qualified it's only applicable for 6 months and they are looking at 12 - 18. 

CuparLad

mebu60 said:

KevinG said:

leitmotif said:

Hi all. If you had half a million sat around and wanted reasonable access (max. 90 days) due to possibly buying a house in the next 12-18 months, what savings accounts would you spread it over (bearing in mind £85K FSCS cover)? Asking for a friend who doesn't have an account (and who is perhaps not so keen on Vanquis due to their focus on subprime).

EDIT: She has added that she could give some or half of the money to her common-law partner too.

You're forgetting the temporary high balance cover https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

Even if the source of the funds qualified it's only applicable for 6 months and they are looking at 12 - 18. 

And compensation is at the discretion of the scheme, nor is it automatic. I wouldn't (and didn't) take the risk.

Spread the funds out over a number of higher paying accounts (consider a fix for some of it if it makes sense) and then cycle the interest through a series of regular savers to boost your interest on the interest. Just be prepared to submit a Self Assessment Tax Return (and pay the Tax) on your interest.