Short term saving for £60k / current accounts
Short term saving for £60k / current accounts
Author
Discussion

sagt550

Original Poster:

236 posts

218 months

Monday 8th August 2016
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It's been a while since I've reviewed my current account/savings but am currently in a situation whereby I have £60k sat in my natwest black in lieu of an extension and our wedding next year. The time frames don't really warrant a classic "investment", but am conscious that I should probably put it somewhere that at least earns a bit of interest as the natwest account is 0.25%.

This then got me thinking, am I really getting the value out of the £26 a month I pay for this account. In reality the travel insurance is handy, although not used that often, breakdown cover is essential and mobile phone insurance/home emergency insurance has been used once or twice.

Any thoughts much appreciated. I probably need to stick all this into a spreadsheet but just after some ideas of where to look...

Zoon

7,305 posts

151 months

Monday 8th August 2016
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Standard PH response: Santander 123 x 3

RizzoTheRat

28,996 posts

222 months

Monday 8th August 2016
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Yep, if you're married you can have one each plus a joint one. £5/month each but 3% on up to £20k plus cashback on all sorts, but you mention saving for a wedding in which case I believe they'll only let you have one, and if you gift money to your fiancé to open one there might be some tax implications?

Ozzie Osmond

21,189 posts

276 months

Monday 8th August 2016
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Tesco Bank offer an internet savings account which currently pays 1.22%

Simpo Two

92,890 posts

295 months

Monday 8th August 2016
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Like others though it has strings attached.

It's crazy. The more you save the less interest you get.

sagt550

Original Poster:

236 posts

218 months

Monday 8th August 2016
quotequote all
Cheers all - will go down the 1-2-3 route smilesmile

mrsshpub

929 posts

214 months

Monday 8th August 2016
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sagt550 said:
Cheers all - will go down the 1-2-3 route smilesmile
You might want to read this: http://blog.moneysavingexpert.com/2016/07/27/if-sa...

anonymous-user

84 months

Monday 8th August 2016
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The interest will be so small that I'd shove it all into Premium Bonds assuming you are not already maxed out (£50K per person).

TvrJohn

1,070 posts

285 months

Thursday 11th August 2016
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How about short term lending through a peer to peer group, Zopa or Ratesetter