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  • FIRST POST
    • np158
    • By np158 13th Jun 19, 3:03 PM
    • 2Posts
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    np158
    What to do with lump sum for deposit?
    • #1
    • 13th Jun 19, 3:03 PM
    What to do with lump sum for deposit? 13th Jun 19 at 3:03 PM
    Last year I was lucky enough to receive a lump sum of 45,000 to be used towards purchasing my first home. When I initially received it I put it into a 1-year fixed-rate account (2.02% interest). That account will mature in September, around the time I plan to start looking for a property.

    My question is - what should I do with the money in the meantime before I actually need it for my deposit? I will need it somewhere it is easily accessible so I can get it when the time comes, but I am aware that the process of house hunting can be very long and drawn out, so if I could put it somewhere it will be earning interest rather than just sitting there doing nothing then that would be ideal.

    Any suggestions welcome!
Page 1
    • muhandis
    • By muhandis 13th Jun 19, 3:33 PM
    • 982 Posts
    • 740 Thanks
    muhandis
    • #2
    • 13th Jun 19, 3:33 PM
    • #2
    • 13th Jun 19, 3:33 PM
    I would suggest looking up the best-buy easy-access savings accounts on MSE. Unfortunately, you will have to pay for the easy-access, the top easy-access accounts I can see all pay 1.5% interest.

    https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

    If you're willing to put in a bit of effort then you could bring current accounts into the mix and do it in bits and pieces.
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