Where can I invest £100k?

Huggy_Bear

Morning

Firstly I'm rubbish with money, so sorry if this is a stupid question!
I've recently sold my house so have £100k sat in my bank account
I've not found another house to buy yet, so need to put it somewhere!
Now I've just sent a cheque off for Premium Bonds so that leaves 70k. The investiment is going to be quite short term (poss 6 months) and I as I'm using it as a deposit would need easy access.

Also, as I'm not paying a mortgage at the moment I have some spare cash from my salary each month (£1000) that I would like to squirrel away so its not spent and put tomards moving costs. So where can this go?

Thanks (and enjoy the sunshine)
HB

Just_Wondering_2

Huggy Hope you won't mind but wow great minds think a like , i have a very very similar situation to Huggy Bear , only difference i'm thinking of investing it longer term but would like easy accese .

p.s i'm not trying to hijack your thread looking foreward to reading the replys.

bendix

Huggy_Bear wrote: »

Now I've just sent a cheque off for Premium Bonds so that leaves 70k.

I'm sorry. I lost interest at this point.

Any considered replies people might think of given would be wasted, frankly, given this nugget of information about your attitudes to investment and financial matters.

dunstonh

Now I've just sent a cheque off for Premium Bonds

Doesnt seem a sensible option. You need the money for a new house purchase which could be any time. You have the delay whilst you are initially entered into the draw and earn nothing and you have the abysmal average win rate (where you earn nothing but hope to get something out of the Govt tombola). You may as well stick the money in a savings account and buy scratch cards with the interest.

You should avoid investments and using the term investment as these dont apply to you (investments typically means using risk based assets over a longer term).

You should just stick with savings accounts and the site has a list of those. So, just look at that.

bendix

dunstonh wrote: »

Doesnt seem a sensible option. .

Come on dunstonh, admit it. You had to bite your tongue hard there, didn't you?

kidmugsy

Aw, Bendix, that's a bit harsh. All he wants are some places to park his dosh for a few months, without risk.

Anyway, OP, I suggest you bung £5340 into a good instant access ISA, so your interest will be tax-free. The Barclay's Golden ISA is a good contender if you already bank with them, or if there is a branch handy.

Thereafter it's a case of where to put the rest. My own inclination would be to avoid any institution that would involve me dealing with a foreign deposit protection scheme if it went belly up. So no ING for me. If you fancy a new current account you could open a LloydsTSB Vantage account, which pays 4% pa as long as your balance is £5k-£7k, but reducing at the end of June to 3% pa as long as your balance is £3k-£5k. As for the rest of the rest, in your shoes I'd wait to see if anyone else wants to pop up here and recommend something - or you could visit the MSE thread on Savings Accounts.

bendix

I'd advise shorting Premium Bonds and going long on the Spanish Lottery, then switching your gains into a Scratchie ETF.