Temporary account ?

Robert7578 · 2 February at 10:05PM

I need to keep £100,000 in an account with instant access ready to pay for land purchase when the right plot comes up for sale , my other funds are in NS&I bonds and I am retired so no salary will be paid into this account and nothing spent from it , just one lump sum up till it is needed ( or two seperate accounts if that is necessary to gain full protection )

What are my best options ?

Robert7578 · 2 February at 9:59PM

I need to keep £100,000 in an account with immediate access as I am looking to purchase land for a small holding as and when it becomes available, i am retired so no salary would be paid into this account, my other funds will be in hat would be my best options ?

friolento · 2 February at 10:02PM

Sounds like you would do best with an easy access savings account.

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

PRAISETHESUN · 2 February at 10:37PM

Would agree it sounds like you want some sort of easy access account. FSCS protection now covers you up to £120k so you won't need to split it across multiple banks

Zanderman · 2 February at 10:53PM

Duplicate of

https://forums.moneysavingexpert.com/discussion/6653484/best-temporary-account

(Edited to say that the two threads have now been merged)

mta999 · 3 February at 9:15AM

If you think that is going to be a period between deciding to buy a plot and the actual completion date when you will need the money then you could explore putting it in a notice account - for example a 60 day or 90 day notice account where you might get a better rate

huw01 · 3 February at 4:24PM

Open a chase uk current account to get the easy access saver paying 4.5% interest. Better than any 60 or 90 Day notice

SiliconChip · 4 February at 11:35AM

https://forums.moneysavingexpert.com/discussion/comment/81868412#Comment_81868412

It's probably a good option, although Chase has a £25K standard limit on outgoing payments it appears to be possible to increase that to up to £1 million by making a request in the app. Be aware that the boosted savings rate is only for 12 months, and if you don't already have your eye on a piece of land to buy it could well take longer than that to find one, in which case be prepared to find a new home for your money in a year's time.

Robert7578 · 23 February at 3:52PM

I need to put £100,000 in an instant access account to hold ready to buy some land when it comes available, I will be paying nothing more into this account and it will just sit there until needed.

I have a Natwest current account at present.