Where to put money for a house.

[Mr Gearchange]

I'm looking to move house next year at some point - but that will be dependent on how work pans out over the next 4 months or so.

I've got 70K sat in a zero interest current account and which has been in there for the best part of 8 months earning me bugger all.

What's the best place to move it to - given that I may need to access it quickly if we suddenly see a house we want to buy?

Thanks

[megaphone]

Stick £30K in premium bonds, if you have a partner then they can do the same. Safe, quick access and 'potential' wins.

[anonymous-user]

megaphone said:

Stick £30K in premium bonds, if you have a partner then they can do the same. Safe, quick access and 'potential' wins.

It's £40k per person.

[Podie]

garyhun said:

megaphone said:

Stick £30K in premium bonds, if you have a partner then they can do the same. Safe, quick access and 'potential' wins.

It's £40k per person.

went up fairly recently. Seems a good option to me...

[neenaw]

Open a Santander current account each, they pay 3% on the first £20,000 in each account.

Not so sure about the rest though.

[Mr Gearchange]

3% on a current account is pretty good!

So it looks like 40K in there in two account and the rest in premium bonds.

Never been in a position where I actually had money and no debts before so this is uncharted territory.

Thanks for the advice chaps..

[AndStilliRise]

“I spent half my money on gambling, alcohol and wild women. The other half I wasted.”


― W.C. Fields

[Elderly]

Mr Gearchange said:

3% on a current account is pretty good!

So it looks like 40K in there in two account and the rest in premium bonds.

:

you can open an account each and one joint account as well,
you can also earn casback on utilities paid through the accounts.

[Simpo Two]

I thought the Santander account had more strings attached than parachute?

[vescaegg]

I believe it's at least £500 going into each account a month and 2 direct debits going out of each a month.

I think I read somewhere you can just set up two £1 direct debits to charities say to cover that if you can't be bothered to properly move bank accounts or existing standing orders etc.

[Froomee]

vescaegg said:

I believe it's at least £500 going into each account a month and 2 direct debits going out of each a month.

I think I read somewhere you can just set up two £1 direct debits to charities say to cover that if you can't be bothered to properly move bank accounts or existing standing orders etc.

This or you can set up a direct debit to a credit card (doesn't actually have to pay anything each month) and job done.

Certain items get you 3% cash back and cover the monthly fees plus a bit more if done right

[walm]

Don't forget you have to pay income tax on the interest. So 3% might sound good but it's going to be lower in reality. (Assuming you have other income...)

[Elderly]

vescaegg said:

I believe it's at least £500 going into each account a month and 2 direct debits going out of each a month.

I think I read somewhere you can just set up two £1 direct debits to charities say to cover that if you can't be bothered to properly move bank accounts or existing standing orders etc.

/\ This - it's as simple as that; set it up once and then sit back, forget about it and get about double the rate you can get from any other instant access account.

Maybe they still do a very good NISA rate for 123 account holders too,
if so, you could put £15k each into one?