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Best short-term account for home deposit

4 replies

ProseccoThyme · 03/03/2021 07:24

I'm going to have around 100K from an equity release, to put in an account.

It will hopefully be used as a deposit for my new place over the next few months.

I know that the FSCS amount is 85K so I will need to split it over 2 accounts.

Any suggestions for the best place to keep this - a savings or interest-paying current account?

OP posts:
Palavah · 03/03/2021 07:51

Have you done equity release on a property you own in order to buy another?

£85k is per institution, so 2 accounts with the same bank won't help.

Interest rates aren't doing anything special so i would focus on ease of opening the acount and access/payment. If you choose a current account you can apply without an overdraft to speed things up

UnderTheSea319263 · 03/03/2021 09:04

Look at money saving expert website

AllThatFancyPaintsAsFair · 03/03/2021 09:09

Look on comparison site, no one can get any better interest rates that what you'll find for example on the Martin Lewis site, all you can do it choose the highest 2 payers.

senua · 03/03/2021 09:12

I'm going to have around 100K from an equity release, to put in an account. It will hopefully be used as a deposit for my new place over the next few months.
Have you taken financial advice?

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