Account current/savings?

[atomicnotsoblonde]

I'm getting about £30k to manage a small home building project. I need somewhere to put the money where I have easy access to it, but possibly to get a bit of interest if possible, as I won't spend it all at once.

Any ideas as to what type of account I need or suggestions as to whether to have a current account or a savings account? Or something else?

TIA x

Don't keep it in your current account just in case your card gets nicked. You can probably open an easy access savings account connected to your current account, depending on who you bank with.

Don't chase interest rate, it won't be sitting in the account for long.
Consider accessibility and security. You may want some to be accessible via a debit card but you may not want all of it to be accessible via that method. Starling, Monzo and others provide easy to access accounts which track purchases quickly. That can be very useful if you are doing the actual buying. If you are paying contractors then you want a bank that does quick inter-bank transfers, so your existing bank account may be fine as a store for some of the money and have the rest in a savings account which can transfer to your current account quickly (Marcus has fast transfer but your own bank may well have a linked savings account which would transfer instantly).

Interest rates are rubbish....you'll get naff all it's not going to be worth worrying about.

Starling does have a reasonable interest rate for a current account.

I have a Marcus account which is just under 1.5% interest over the course of the year & you can only put money in and withdraw money to a nominated bank account. So relatively easy access but protected, and it has the best interest rate on the market at the moment for easy access savings (or did last time I checked!)

Really helpful. I'll look into Marcus and starling. Thanks everyone

I second the Marcus account. I've recently moved my savings to this from my usual bank as it's a better rate. Better to have the money in an instant access savings account than a current account!

I use Monzo when I'm abroad - it's great for instant updates on sepsis etc. Maybe you could transfer money to there when you need it to keep track of spending, if that's important to you.

You'll get about £40 a month in interest in a Marcus account so certainly worth making the effort to get the best interest rate you can.