Where to save proceeds of house sale

edinburgh_west

Hi

This is my first time posting on MSE forums so apologies if this is not in the right place. I'm looking for some suggestions please.

I sold my house at the start of the year and bought a new one where I am now. I have a sum of money left over from this process that has been languishing for far too long in a low/zero % interest account.

So I'm looking for suggestions about where I should invest it? It is earmarked for home renovations in my new house, but I don't know when I'll be doing these nor exactly how much I'll need, so I would like some flexibility in terms of accessing it but still looking to make it work as hard as possible for me from now in terms of interest.

All ideas gratefully received!

Many thanks.
Ben

badger09

edinburgh_west wrote: »

Hi

This is my first time posting on MSE forums so apologies if this is not in the right place. I'm looking for some suggestions please.

I sold my house at the start of the year and bought a new one where I am now. I have a sum of money left over from this process that has been languishing for far too long in a low/zero % interest account.

So I'm looking for suggestions about where I should invest it? It is earmarked for home renovations in my new house, but I don't know when I'll be doing these nor exactly how much I'll need, so I would like some flexibility in terms of accessing it but still looking to make it work as hard as possible for me from now in terms of interest.

All ideas gratefully received!

Many thanks.
Ben

I think you mean save, rather than invest.

Have a look around the Savings and Investment board - and the main site You could start here:

https://www.moneysavingexpert.com/savings/which-saving-account/

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

pinklady21

Stick it in Premium Bonds.
Instant access when you need it, no interest, but chance of winning a prize each month, which can be exciting.....
And you could win a million!

G_M

How much? If less than £85K just find the best paying instant access saver (1.5% or so).


Or if you can be bothered, spread some around high-paying current accounts 3 - 5% for smaller amounts).


If way over £85K, either split between 2 or more high paying savers or put all into NS&I bond (1.2% I think)

edinburgh_west

Thanks for the replies folks - a few leads to investigate.

Cheers
Ben