If all goes according to plan, I’ll have a substantial sum dumped in my normal account in a couple of weeks. Won’t be buying for a bit so at least half of it could potentially be in there for 1 year. Is it worth putting it somewhere to earn me some interest? I would need access to it though if I find a property.
Thanks:-)

I’ll look after it for you.

Plenty of room under the mattress

Santander 123 accounts but max £20k – can have 3 between you if married though.

Stuff it in a strippers knickers?

If you want to be cautious no more than £75k in any one bank. Do not be duped into ISAs or other savings products. Look at 6-9 month term deposits (note you cannot withdraw early without penalty). Put some in Premium bonds which pay an equivalent average prize = interest rate

If nothing else, a proper UK bank account (or accounts with separate banks) to get the £85k protection.

Santander 123 accounts but max £20k – can have 3 between you if married though.

This is probably the best option but to earn the interest you need to deposit x amount in every month, £500 I think, and have two direct debits coming out of each account. You’ll earn around £40 a month per account.

I’d put it in premium bonds, the interest on a decent account/bond might pay for a new sofa before you need it again, premium bonds could buy you the house (or get you nothing, but at least it’s safe).

managed cash fund

And change your phone number ! This happened to me – constant calls from RBS “personal financial management consultants” or some such pish. You must get on some list if the balance in your personal account goes over a certain level. Sharks.

Premium Bonds is max £30k I think.

I don’t think you can afford to take too many risks, with instant access (with unspecified time), can’t afford to lose, and so on.

Probably split it between different banks but also different savings products so that you can at least withdraw some of it soon, and the remainder within a month or two.

And change your phone number !

Blocking the number may be a less dramatic option.

What sort of growth could the op expect from a managed cash fund?

Premium bonds is a max £50 000. The interest is terrible, because whilst they report the average, that it heavily skewed by the top prizes. However it’s always guaranteed by the government is instant access.

In this case the advice usually is don’t think about interest, you want cash quickly so the bank is keeping it safe. The last thing you’d want is your house sale falling through because you have to wait for the (now £75k) bailout when the bank goes bust.

I believe there is also some deal about increased protection on house sale money should the bank go bust more than 75k. Not going to relevant to your premium bonds but might be relevant to the rest of the cash. Worth checking up.

I like the premium bond idea, I didn’t know they were still a thing, may be worth a dabble if it’s instant access. Will have a look later.
Thanks for replies 🙂

I did the same thing a few years ago. Ended of just sticking it in an instant access savings account with the Halifax. Kept it in there for 9 months and got £700 in interest. I didn’t realise it was going to be as long as 9 months so didn’t investigate the options but it gave me the confidence that if I needed it in a hurry it was there.

If you want to be cautious no more than £75k in any one bank. Do not be duped into ISAs or other savings products. Look at 6-9 month term deposits (note you cannot withdraw early without penalty).

Short term,up to 6 months or so, these protected limits are increased significantly, recognising that ornery folk will occasionally have all their dosh in one account.

http://www.fscs.org.uk/news/2015/july/new-protection-from-today-for-temporary-high-balances/

As Jamba says, ignore cash ISAs. Their rates are pitiful.

Santander 123 £60k (one a/c each and a joint) at3%, Lloyds club £5k each at 4%. Other higher interest a/cs are available but for pissy little amounts. Al Rayan bank has some of the best interest rates available, 1.5% on a 120 day notice a/c.
As said though, premium bonds are worth a punt and NS&I accounts are the safest you can get bar none!
You can pull your money out of PBs and NS&I a/cs instantly; instant meaning a couple of days…

one tip for the OP – be sure to confirm all account numbers used in the transaction with your solicitor by phone or better still in person…agree with the solicitor up front that they should not respond to any requests for account number changes received from you by email.

There have been a significant number of “man in the middle” frauds this year in which written / email communications between solicitors and clients have been intercepted and agreed account numbers replaced with bogus ones – the sums stolen are up to £1m or so and by the time the recipient realises the money hasn’t arrived it’s nearly always too late to recover it – the money is moved very rapidly to overseas accounts with no scope for recover.

http://www.lawsociety.org.uk/news/stories/scams-targeted-against-solicitors-firms/

buy Euro’s before article 50 invoked?

NB The Bank Account guarantee covers up to £1m for house sales etc for up to 6 months (if you qualify):

http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/

Buy Star Wars Lego.

Buy Star Wars Lego

You are my housemate and I claim £5

House is, quite literally, overflowing with it.

Thinking out loud here…

Lets say you have kids under 18 living with you. Could you open a Help To Buy ISA for each youngster, then transfer that HTB ISA to a Lifetime ISA, then combine each kid’s ISA to then help buy the next family house with the 25% topup from government?

You are my housemate and I claim £5

😆

I am.

And I’m wearing your pants.

😉

Find someone with an offset mortgage (Hi..) and get something legal in writing. Pop it in their account, share the benefit of the mortgage interest saving (something like 1.5% each) and then just withdraw when needed…

They’d have to pay you the interest, but that would be part of the agreement..

DrP