80k to invest short term possibly 1year?

albi901

Hi all,


fisrt post here so will say hi to everyone


i'm about to get around 80K from my house sale................moving back to mums for a while whilst i figure out where to go next.


So i want to put my 80K somewhere where its going to make money!


Things i would like:
- i dont want to waste it, i want to be able to get at it if necessary but maybe somewhere where it needs some notice to withdraw or transfer is is not readily available to spend down the puc etc.
- i would like to pay into it as i aim to be saving 1K per month so want to be able to top this fund up
- will be possibly a short term investment as will use it to eventually use as a deposit for another property so maybe 6months-1year


So people where and whats is the best place to put it where it will be safe?


Thanks in advance for any replies advice :beer:

Prism

NS&I premium bonds or maybe a Marcus savings account (but don't go over 85k or 6 months)

https://www.nsandi.com/premium-bonds
https://www.marcus.co.uk/uk/en

Berkshire_Beancounter

If it's likely to be needed for a property deposit within a year, then you are really looking at bank accounts or National Savings as Prism has suggested.

The Marcus account (by Goldman Sachs). pays 1.5% with a bonus, reverting to 1.35% after a year. You could put £50k into premium bonds with the hope you might win something big - odds are you won't but you will at least get your money back intact at the end, and hopefully a few small (£25) prizes along the way.

If you know you won't need the money for 6 months, you could look at notice accounts. Personally I'm very happy with Charter Savings Bank, and they have a 95 day notice account that pays 1.81% at the moment. Secure Trust do a 180 day notice account that pays 1.86%, but I've never used them so can;t comment on how good their service is.

You could of course do a mix with some into premium bonds, some into Marcus / instant access and some into a notice account, especially if you'll be adding monthly to the funds. Remember premium bonds have to wait a calendar month before they are eligible for the draw - so any bought in November won't be eligible to win a prize until January. Personally I wouldn't add money to premium bonds in that way if you aim to get at the money within a few months, I'dd add it to a notice or instant access account.

albi901

cool thanks will look into those!

albi901

thanks Berkshire Beancounter, very informative info there :j
think some sort of split say 60K into bonds and the rest into a bank account which i can add to.


So bond are guarenteed to get back what you put in with the chance of winning something ?

eskbanker

albi901 wrote: »

think some sort of split say 60K into bonds and the rest into a bank account which i can add to.

The maximum holding in Premium Bonds is £50K per person.

albi901 wrote: »

So bond are guarenteed to get back what you put in with the chance of winning something ?

Yes, assuming that it's still Premium Bonds you're referring to - the generic term 'bond' is one of the most misused in financial circles and is sometimes used to refer to fixed-term savings products (also capital-protected) and investments such as corporate or government bonds (not capital-protected).

george4064

Have a thorough read through this page and decide for yourself: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest?_ga=2.180669863.1804327694.1542106829-1924112052.1542106827