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  • FIRST POST
    • mazibee
    • By mazibee 17th May 19, 10:42 AM
    • 139Posts
    • 4Thanks
    mazibee
    Buying House - Money in Saving Accounts
    • #1
    • 17th May 19, 10:42 AM
    Buying House - Money in Saving Accounts 17th May 19 at 10:42 AM
    Hi All,

    We are FTB and in the process of buying a house

    £50k in my saving account with Barclays
    £25k in saving account of my spose (Barclays)

    At the moment we are only getting approx £12.50 per month on my account and £5~£6 in my spouse account.

    Any other options that the saving account?

    Suggestions are welcomed so that we can earn best rates and at the same time money is also safe.

    Thanks in advance
Page 1
    • Shashy
    • By Shashy 17th May 19, 11:01 AM
    • 128 Posts
    • 164 Thanks
    Shashy
    • #2
    • 17th May 19, 11:01 AM
    • #2
    • 17th May 19, 11:01 AM
    Sounds like you're achieving about 0.5% on your 50 grand.

    A Marcus account sounds suitable. They pay 1.5%
    • droopsnoot
    • By droopsnoot 17th May 19, 11:02 AM
    • 1,247 Posts
    • 802 Thanks
    droopsnoot
    • #3
    • 17th May 19, 11:02 AM
    • #3
    • 17th May 19, 11:02 AM
    Have you had a read through the savings accounts article on the main site? https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/


    It might be that if you're in the process of buying a house, the small increase in interest won't be sufficient to deal with the hassle of moving the cash.
    • eskbanker
    • By eskbanker 17th May 19, 11:27 AM
    • 10,170 Posts
    • 12,300 Thanks
    eskbanker
    • #4
    • 17th May 19, 11:27 AM
    • #4
    • 17th May 19, 11:27 AM
    If you're buying a property for no more than £250K (£450K in London) and won't be completing until at least July, then you could each open a Help To Buy ISA to earn a 25% bonus on a small chunk of that money, at worst £800 on £3,200....
    • AnotherJoe
    • By AnotherJoe 17th May 19, 12:09 PM
    • 14,328 Posts
    • 17,083 Thanks
    AnotherJoe
    • #5
    • 17th May 19, 12:09 PM
    • #5
    • 17th May 19, 12:09 PM
    If you literally are in the process of buying a house then other than opening HTB ISAs and or LISas (I dont know how those work together) to get the bonus if you havent already done so, there seems little point presumably you are just a few weeks away?
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • mazibee
    • By mazibee 18th May 19, 10:38 AM
    • 139 Posts
    • 4 Thanks
    mazibee
    • #6
    • 18th May 19, 10:38 AM
    • #6
    • 18th May 19, 10:38 AM
    If you literally are in the process of buying a house then other than opening HTB ISAs and or LISas (I dont know how those work together) to get the bonus if you havent already done so, there seems little point presumably you are just a few weeks away?
    Originally posted by AnotherJoe

    Thanks for the reply.


    Yes you are right and don't want to move the money at this stage causing any problem to the solicitors.
    • Shedman
    • By Shedman 18th May 19, 11:16 AM
    • 302 Posts
    • 204 Thanks
    Shedman
    • #7
    • 18th May 19, 11:16 AM
    • #7
    • 18th May 19, 11:16 AM
    Surely if you're that close to finishing buying a house (even if it's a few months through exchange and completion process) it doesn't make any sense to start moving monies around for a few extra quid when put in the context of the total costs involved in buying anyway weighed against the risk of something going wrong with the transfer, accounts getting blocked etc etc.
    • george4064
    • By george4064 18th May 19, 11:28 AM
    • 1,151 Posts
    • 1,185 Thanks
    george4064
    • #8
    • 18th May 19, 11:28 AM
    • #8
    • 18th May 19, 11:28 AM
    For simplicity given your situation, I would crack on and open a Marcus UK savings account.

    More info via the link droopsnoot posted.
    "If you arenít willing to own a stock for ten years, donít even think about owning it for ten minutesĒ Warren Buffett

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