Where to put £40K for 18mth - 2yrs?

Kiah
Kiah Posts: 2 Newbie
edited 5 July 2018 at 11:16PM in Budgeting & bank accounts
Hi,

I will be coming into a modest inheritance within the next few months or so.

I need to put £40K of it aside, but only for 18 months - 2 years.

I have a TSB classic plus account already up to £1.5K, and a Tesco account already up to £3K., and my FlexDirect account is over 12 months old.

So, other than those, any suggestions on where to put it?

(Anything more imaginative than two Santander 123 accounts?)

Comments

  • xylophone
    xylophone Posts: 44,387 Forumite
    Name Dropper First Anniversary First Post
    http://www.thisismoney.co.uk/money/article-1621507/Best-savings-rates-Fixed-rate-accounts.html

    If you have the Direct Debits you could open another Tesco current account.
  • Kiah
    Kiah Posts: 2 Newbie
    Thanks, I'll look into doing that. Is the DD requirement new? I earn interest every month on my Tesco current account at the moment, yet i have no DDs set up.
  • ColdIron
    ColdIron Posts: 9,039 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Yes, it's a new requirement for new accounts, you'll need 3 DDs and £750 switched in and out per month
  • 18cc
    18cc Posts: 2,120 Forumite
    You could consider an atom bank 2 year bond although I would wait until after August as there is supposed to be an interest rate rise then
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
    18cc wrote: »
    You could consider an atom bank 2 year bond although I would wait until after August as there is supposed to be an interest rate rise then

    There might be a rate rise, and there might not be. Speculation about rate rises is like speculation about stock market crashes. Furthermore, a BOE base rate rise does not necessarily translate to a raft of retail savings rate rises.
  • Westie983
    Westie983 Posts: 5,213 Ambassador
    First Anniversary Name Dropper Photogenic First Post
    Hi,

    Please could I direct you to this link,

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

    Will give you an idea of the accounts that you could open to hold your inheritance payment.

    Westie983
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
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