Best savings account with easy access, and should I split it?

freeflyer

Hi all, so i was due to buy a new house but the purchase has fell through. My current house sale is going ahead still (long story to explain why) and I am going to rent. So, once the funds are released from the sale I will have around £120k for six months or so until i buy ny next house..
Do i put this in a decent savings account? If so, who? I've read about Cahoot and Chase Boost Saver. IS it best to split it or put it all in one account? I think the interest would be around £400-450 a month on a 4.5%?

born_again

FSCS will cover your amount of savings without splitting.

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

& the basic is increasing to £120K from 1st Dec 2025

Brie

no need to split to keep it safe but it may be handy to split due to access rules.  and 6 months?  you might find things move slower than that so look at longer options as well (with flexibility)

allegro120

freeflyer said:

Hi all, so i was due to buy a new house but the purchase has fell through. My current house sale is going ahead still (long story to explain why) and I am going to rent. So, once the funds are released from the sale I will have around £120k for six months or so until i buy ny next house..
Do i put this in a decent savings account? If so, who? I've read about Cahoot and Chase Boost Saver. IS it best to split it or put it all in one account? I think the interest would be around £400-450 a month on a 4.5%?

£120k will be covered by FSCS, the interest won't be if all your funds are in one institution. Not a big deal, it is very unlikely for Cahoot or Chase to go bust in the next 6 months, but splitting is a good practice.  When it comes to withdrawal you might find it difficult to move £120k in one go.

friolento

Pick the best account for yourself. Expect rates to drop if/when BoE change the base rate in December. An easy access account seems your best bet for now. You also have £1.4m temporary high balance protection for 12 months, so no immediate need to worry about splitting your money for safety reasons.

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

friolento

allegro120 said:

freeflyer said:

Hi all, so i was due to buy a new house but the purchase has fell through. My current house sale is going ahead still (long story to explain why) and I am going to rent. So, once the funds are released from the sale I will have around £120k for six months or so until i buy ny next house..
Do i put this in a decent savings account? If so, who? I've read about Cahoot and Chase Boost Saver. IS it best to split it or put it all in one account? I think the interest would be around £400-450 a month on a 4.5%?

£120k will be covered by FSCS, the interest won't be if all your funds are in one institution. Not a big deal, it is very unlikely for Cahoot or Chase to go bust in the next 6 months, but splitting is a good practice.  When it comes to withdrawal you might find it difficult to move £120k in one go.

One CHAPS payment for the full amount should be possible for a house purchase?

Though it might be more tricky/longwinded to pay £120k into a good savings account in the first instance. A solicitor should be able to pay the proceeds of a house sale in one go into any UK account in the OP's name, no? I haven't moved house since 1988, so am not up-to-date with sales of houses

wmb194

friolento said:

allegro120 said:

freeflyer said:

Hi all, so i was due to buy a new house but the purchase has fell through. My current house sale is going ahead still (long story to explain why) and I am going to rent. So, once the funds are released from the sale I will have around £120k for six months or so until i buy ny next house..
Do i put this in a decent savings account? If so, who? I've read about Cahoot and Chase Boost Saver. IS it best to split it or put it all in one account? I think the interest would be around £400-450 a month on a 4.5%?

£120k will be covered by FSCS, the interest won't be if all your funds are in one institution. Not a big deal, it is very unlikely for Cahoot or Chase to go bust in the next 6 months, but splitting is a good practice.  When it comes to withdrawal you might find it difficult to move £120k in one go.

One CHAPS payment for the full amount should be possible for a house purchase?

Though it might be more tricky/longwinded to pay £120k into a good savings account in the first instance. A solicitor should be able to pay the proceeds of a house sale in one go into any UK account in the OP's name, no? I haven't moved house since 1988, so am not up-to-date with sales of houses

Chase won't accept deposits or make payments by Chaps. Looks like Cahoot will, though.

"[Chase] We don't currently support CHAPS."

https://www.chase.co.uk/gb/en/support/moving-money/

"We accept Faster Payments and BACS. At the moment we can't accept CHAPS or Swift payments."

https://www.chase.co.uk/gb/en/support/adding-money/

jaypers

All good options above. I tend to split mine for the following reasons……
1) Contingency in case I want to move cash and a particular institution is having issues.
2) Immediate FPS transfers - Some might take a day until you get your cash. You mentioned Cahoot…..they are immediate.
3) I like the concept of ‘pots’ - cash spread around for different things.