what to do with large cash savings

[IamwhoIsayIam]

We have been saving very hard for a new home for 5 years and have built up a large deposit- enough to now purchase in cash. On top of that my Dad died this year and I have inherited some money and half the proceeds of his house sale.

Our dilemma is that we want to be able to access cash quickly when a house we want comes on the market so don't want to tie-it up in longer term accounts or ISA's. We are also risk adverse ( my partner more than me) so we want high interest accounts rather than stocks or investments. Any ideas? We have already maxed out ours and our sons premium bond accounts.

Ask an independent financial advisor? They can also help you find the best mortgage when you are ready.

The problem is that there just aren't any high interest rates to be had on cash savings at the moment, with or without easy access.

You might be able to access slightly better rates if you have, say, £100k plus, to invest, but even then you're still only looking at maybe 2.5% at best.

This is the problem, banks are paying such low interest rates but it feels almost wasteful to not be doing something more constructive with out savings.

I have spoken to a financial advisor before about a year ago but the inheritance changes things a little.

Mumsnetters normally know the best highstreet options for saving money so thought someone might have a good suggestion for a bank or building society - or even another idea!

Buy a house?

Buy a house before the end of the stamp duty holiday.

As cash buyers you are in a favoured position, and will be able to use your money to get a good price, and not be in a chain.

There are no easy access accounts with good interest rates.

Put your energy into using it as intended!

ISAs aren't long term - or at least, ours aren't with the Halifax. But you can only put 20k each in them so that won't chew up much of the cash, and you won't earn anything unless you go into stocks, and that's risky.

Anything 100% safe you can put money into and withdraw immediately won't likely get you much anyway.

But talk to an independent financial advisor, there might be something you can drop £x00,000 into that's useful, or just get the hell on with buying a house - even if you don't live in it, it'll likely appreciate.

there are no high interest accounts in the UK and haven't been any for a decade. Even beating real inflation (as opposed to the fantasy official figure) has not been possible for some years.

if it is over 85k, split it between different banking licences. You can now scrape about 0.5% on easy access but that's it. And NEVER the 'high street'. That is all you can do.