What to do with lump sum

Regina83

Hi all,

I am a novice and have tried to work out what I should do with my 30k lump sum that I have received. It has been sitting in a Lloyds current account for over a year and I feel I need to do something with it. The savings accounts don't seem to make much sense as there are very low max payment amount restrictions.

Small "issue" - I will need the money in 1-2 years so that I can get a mortgage so a long term fix isn't really appreciate.
Any help would be greatly appreciated

Brilley

nsi premium bonds?...

Smellyonion

I would aim for the easy access Marcus account. At 1.5% return, you would make £37.50 per month. Still lower than inflation, but you maintain the flexibility of your money and avoid the risk of stocks/shares for a relatively short time period.

enthusiasticsaver

Well a current account (unless it pays interest on the whole £30k) is not the place for it. If you need instant access to it then an internet saver like Tesco internet saver or Marcus or I think post office account is a reasonable rate. Have you got a Help to Buy or are you not a first time buyer?

Aidanmc

If you're pretty sure you wont need access to the money for at least 1 year, BLME do a 1 year fixed term Deposit account with 2.2% 'profit'.

Regina83

Just getting out of a mortgage due to divorce and don't fancy tying myself down again just yet.
I will have a look into your suggestions - thank you :-)

eskbanker

Perhaps worth considering notice accounts as a halfway house between easy access and fixed term accounts?

https://savingschampion.co.uk/best-buys/personal/notice-accounts/