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    • raaaar
    • By raaaar 12th May 18, 12:37 PM
    • 8Posts
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    raaaar
    Best place for savings
    • #1
    • 12th May 18, 12:37 PM
    Best place for savings 12th May 18 at 12:37 PM
    Hi. A really basic question. Iím coming into some money which in a reasonably short time Iíll be using mostly for a house purchase. Just wondered what the best thing to do with it is in the meantime. I presume safest to split up into chunks not more than £85000 but if thereís any suggestions that would be helpful. Thanks in advance.
Page 1
    • raaaar
    • By raaaar 12th May 18, 1:35 PM
    • 8 Posts
    • 0 Thanks
    raaaar
    • #2
    • 12th May 18, 1:35 PM
    • #2
    • 12th May 18, 1:35 PM
    Iím looking to put away around 300000 and am currently not working.
    • ColdIron
    • By ColdIron 12th May 18, 1:43 PM
    • 4,331 Posts
    • 5,499 Thanks
    ColdIron
    • #3
    • 12th May 18, 1:43 PM
    • #3
    • 12th May 18, 1:43 PM
    If you can be confident you will use it within 6 months you are covered by the FSCS Temporary High Balance protection
    https://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/

    For simplicity and security you could bung it all in one of the NS&I products
    https://www.nsandi.com/income-bonds

    Otherwise as you say split it into £85,000 chunks (£170.000 for joint accounts)
    • raaaar
    • By raaaar 12th May 18, 2:11 PM
    • 8 Posts
    • 0 Thanks
    raaaar
    • #4
    • 12th May 18, 2:11 PM
    • #4
    • 12th May 18, 2:11 PM
    And the best place for these chunks ? After the house purchase there would hope fully be 100k plus to save. If possible some return on the savings would be good.
    • ColdIron
    • By ColdIron 12th May 18, 2:18 PM
    • 4,331 Posts
    • 5,499 Thanks
    ColdIron
    • #5
    • 12th May 18, 2:18 PM
    • #5
    • 12th May 18, 2:18 PM
    To get the best rates you will need to split it into many small pots with various prerequisites. It depends upon how much effort you want to put into it
    https://www.moneysavingexpert.com/savings/savings-accounts-best-interest

    After that there are easy access accounts
    http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

    Or lock it away
    http://www.thisismoney.co.uk/money/article-1621507/Best-savings-rates-Fixed-rate-accounts.html
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