Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • np158
    • By np158 13th Jun 19, 3:03 PM
    • 2Posts
    • 0Thanks
    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
    • #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.

    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

149Posts Today

1,230Users online

Martin's Twitter