80K Savings question

WRCGooseF1

Hi all,

Bit of a saving newbie, would appreciate some advice.

I have recently sold my house and have 80K that i'd like to place somewhere to accumulate until middle / late next year when i'm in a position to purchase another house.

What places would you suggest i place this money that is protected, going to work hard for me, easy access etc etc. Any comments welcome.

Thank you for your help,

Dan 

wmb194

WRCGooseF1 said:

Hi all,

Bit of a saving newbie, would appreciate some advice.

I have recently sold my house and have 80K that i'd like to place somewhere to accumulate until middle / late next year when i'm in a position to purchase another house.

What places would you suggest i place this money that is protected, going to work hard for me, easy access etc etc. Any comments welcome.

Thank you for your help,

Dan 

The best paying savings account you're comfortable with.

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

CliveOfIndia

As above, really.  I'm assuming that you don't want to risk the capital, so "investing" is probably a non-starter (not than most investments would be suitable for such a short time period anyway).

So yes, an ordinary savings account is probably most suitable, just go for the one that offers the best interest rate.  Do take note of any notice period that's needed to withdraw the funds, this may sway your decision.

And just double-check that the company is properly FCA-registered (all of the well-known banks/building societies/whatever will be).  That means your money will be protected should the worst happen, up to £85K, under the FSCS scheme.

Bigwheels1111

What rate of tax do you pay, do you have an isa, or opened one this year.

20k in a easy access isa, to start with.

Then say 60k in a fixed rate notice account.

90 notice pays 5.15%.

https://moneyfactscompare.co.uk/savings-accounts/notice-accounts-up-to-90-days/

Give notice the day you put a deposit down.

It takes at best 3 months for the purchase to go through.

60 day notice 5.06%

If 90 days is too much.

https://moneyfactscompare.co.uk/savings-accounts/notice-accounts-up-to-60-days/

Albermarle

And just double-check that the company is properly FCA-registered (all of the well-known banks/building societies/whatever will be).  That means your money will be protected should the worst happen, up to £85K, under the FSCS scheme.

OP- Every savings provider listed in the link to the comparison site supplied above, has a UK banking licence and is therefore covered by the FSCS £85K compensation.
That includes the many smaller providers, you have probably never heard of, who tend to have the best rates.


To learn more about savings accounts, cash ISA's and tax on interest, have a look through this.
Savings - All Guides - MoneySavingExpert

WRCGooseF1

Thank you all :-)