Is it worth investing 40k for 4 months?

Trust_me

Hi all,

Me and my wife currently have maxed out our LISA’s for the current tax year but do have 40k sitting in our bank account. We plan to get a mortge in 4 months so is it best just to leave it where it is or should I invest it?

Thanks,

A

eskbanker

Don't even think about investing it over that sort of timescale, that would be way too risky!

Best bet would be to put it in an easy-access savings account, such as Marcus (1.5%).

TBC15

Don't invest you don't have the time. Stick it in Marcus. Job done.

Mr.Saver

No, 4 months is too risky for any meaningful investment.

If you think it worths the trouble, open a few high interest paying current accounts (Nationwide 5% on 2500, TSB 5% on 1500, TESCO 3% on 3000 x2, etc.) and a high interest paying notice account (Secure Trust Bank 1.82% 90 days notice, give notice after 1 month), you will be able to earn at most nearly £300 interest in 4 months on the £40k.

Or keep it simple, just open the Secure Trust Bank 1.82% 90 days notice account and save the £40k in it, give notice after 1 month, you will earn at most about £236 interest in 4 months.

Or being lazy, open the Marcus 1.5% easy access savings account, and earn at most about £192.5 interest in 4 months.

All the above mentioned accounts can be found on the MSE website: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Please do note that I've mentioned the Marcus (1.5%) instead of the ICICI (1.55%), because the ICICI bank has a bad IT system. You could use ICICI if you really really want to have the £9.64 extra interest over the 4 months (120 days).