I’ve just sold my house with a view to buying again in the very near future. Currently in rented accommodation so no rush to move (apart from rising house prices!). The house has sold for same amount I bought it (at the 2008 peak). I will have circa £50k to keep safe as a deposit. Has anyone been in a similar situation and is there anything to be aware of?

not directly but check the max deposit protection in one bank.

Hello my friend.

I can kindly look after that money for you, my family is due £150m back from the Nigerian Government. I can’t recover that without paying them £50k for legal fees. If you transfer that money to my account I will give you 12% of the money I recover.

Pleased to here from you.

you’re fine for up to £85k in nearly all cases so OP should be OK just going for the best 30day deposit account he can be bothered to open.

I doubt you’ll get much interest but you might find a special introductory offer, usually limited to a max amount so you’ll need to spread it around. Isa is an option for some of it. Have a look at money saving expert they usually list the best rates.

I stuck mine in premium bonds, seemed like a decent gamble given how little interest was on offer in savings options at the time. Was in there 5 months, 3 of which I won £25

Premium Bonds .

Open 2 Santander 321 current accounts and put £20k in each one.
You’ll get 3% interest on each account which works out at about £50 a month before tax on each account. You’ll probably struggle to find better interest rates in any savings accounts.

Thanks for the help. Will look into the options suggested.

Buy a nice bottle of wine?

Or lend it to Greece?

Under the mattress…oh hang on…

not red 7 😳

321 needs a monthly payment for the interest.

Also I doubt 1 person can open more than on account.

Do people even think before giving advice?

I did 😈

I accept Paypal Gift. Email in profile 🙂

321 needs a monthly payment for the interest.
Also I doubt 1 person can open more than on account.
Do people even think before giving advice?

You’re right, it does need a monthly payment into it and a direct debit set up from it but it’s not exactly difficult to set up.

As much as you may doubt it, you are allowed to open more than one account, there’s a maximum of two per person as I found when I looked into it and opened two accounts.

So in answer to your question, yes people do think before giving advice but it would appear that some others don’t think before they jump in with their ever helpful comments 🙄

Savings wise, you’ll struggle to find anything paying better than 1.5% on easy access savings accounts.

Current Best Savings Rates

I had to split money up into RCI Bank, GE Capital Direct, Sainsburys and a long term customer of Nationwide account which gave me the best rate, but was for only £50k max.

Appears not to apply to you, but the government only covers up to £85k per institution and this is about to be reduced (crazily) to a lower limit. Reason is it is based on the EU agreed limit (100,000 Euros) and is therefore affected by the exchange rate. It is also set for 8 years at a time and is about to be re-set

If the account is joint then the government protection amount is doubled to £170k.

Open 2 Santander 321 current accounts and put £20k in each one.
You’ll get 3% interest on each account which works out at about £50 a month before tax on each account.

I was going to say the same. You need to pay in more than £500 per month and have two direct debits but if you move your current account(s) that should be easy enough.

Tax is deducted at source, so you’ll only get paid ~£40 per month per account. That’s still probably the best return you’ll get for short term / zero risk / instant access. Anyone saying otherwise is ignoring the “zero risk” bit.

321 needs a monthly payment for the interest.
Also I doubt 1 person can open more than on account.
Do people even think before giving advice?

Set up 2 direct debits on each account to pay into the other account – equal amounts going to each account so the capital doesn’t change. Its that simple. You really should think before posting 🙄

Yeah that’ll work 🙄

Yeah that’ll work

Are you suggesting it doesn’t? Checks accounts – yep it works. Do you know what you’re talking about cynic-al, are are you just guessing.

bruneep, I’ve been watching for 45 minutes and its still spinning, when does the ball land?

Are you suggesting it doesn’t? Checks accounts – yep it works. Do you know what you’re talking about cynic-al, are are you just guessing.

I think he’s just full of shit.

As ever, there’s people on here who know better than him about something but as far as he’s concerned, he still knows best.

321 account, had one for quite a while now.

No risk, good return at 3%.

How about you go away and think about the difference between a Direct Debit & a Standing Order ? They’re not the same thing and if you’re just moving money between your own accounts it’s a Standing Order.

Appears not to apply to you, but the government only covers up to £85k per institution

Though recent changes give higher protection for “‘temporary high balances’

http://cooperparrywealth.com/blog/more-peace-of-mind/

or

National Savings provide an instant access deposit account with a competitive interest rate and a 100% Treasury backed guarantee on balances up to £2m per person!

We have 2 santandar accounts, 2 direct debits are easily sorted (magazine subs, phone bill etc)

£500 needs to not be from another santandar account, so I fund both from my primary account (the one the salary goes in) and then transfer the money back out to a 4th account

sounds complicated but it took about 30mins to set up….

You’re still below it, but the deposit protection scheme protected amount has just been reduced (to £75,000).

How about you go away and think about the difference between a Direct Debit & a Standing Order ?

Oh get you! Are you cynic-al in disguise or do you just lock your bike to the same cafe railings?

Wow, hasn’t this descended from a simple premise in to a thread full of bad tempers, mud slinging and name calling.

STW at its finest.