Instant access, capital risk free saving recommendations.

[Dogmum20]

Hello,

We will shortly have a proceeds from the sale of our house, we haven’t found anywhere to buy yet so have signed up to a rental for 6 months.
I am looking for recommendations on where to keep the money in the meantime.

It’s just over £100k, I would like to split it into two places in order to be covered by the fscs. Must be capital risk free and Instant access for when we find somewhere to buy.
Would really appreciate some recommendations :)!
I thought about premium bonds but don’t think they have a good rep these days?
Thanks in advance :)

Premium bonds actually give the highest return on : average luck' whatever that means. You could get nothing of course.

Easy access rates under 0.5% now. Well below real inflation but government hates savers so no alternative.

There is temporary high balance protection so you don't need to split it up.
www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/

Putting some in premium bonds would be fine, it's not instant access, takes a few days to get money back out. NS&I also have an account that can take up to £2million which is Treasury backed, so no need for the FSCS protection.

I could be wrong but for easy access there's this as a "good" rate

www.marcus.co.uk/uk/en/savings/online-savings-account

Or this

www.shawbrook.co.uk/direct/savings/personal-savings/easy-access-accounts/

About as good as it gets , and can and will drop at any time. Awful, isn't it?

Doesn't exit...

Sorry, but once you factor in inflation, there is no risk free approach where the savings rate exceeds the inflation...

The ones suggested above might mitigate the inflation we are heading for, but read the t&c's and make sure that interest is going to be calculated on a frequency that fits your timeframe for accessing it. i.e. Don't sign up to annual interest, unless you plan to keep it there for at least that year.

Thanks all for the advice. It is much appreciated.

Yes, I totally understand it’s a difficult ask in the current climate. I figure a low interest rate is better than sitting in our non-interest bearing current account.

We may split it and put some in a savings account and some into premium bonds. Any other types of bonds worth it?

Knowing our luck, the rates will rise just in time for us to get a new mortgage 🙈😂.

Thank you all.