Where to put modest amount of money for easy access over short term

[Deleted User]

Hi, I have about 190K to invest, out of the blue. I am low risk and would need access to the money in about one year -18 months. I'm going to have a look around for any suitable ISAs, bonds etc, but would appreciate it if you have any suggestions regarding current offers.

1. I am intending to put 50K in premium bonds, as it seems a no-brainer.
2. I could leave some of it in my NatWest bank savings account (although I have read on this forum to save no more than £83,000 per institution - the extra £2,000 gives room for interest).

Thank you for any suggestions

etienneg

Why do you think 50K in premium bonds is a "no-brainer"?

I'm not saying it's a stupid idea, but it is far from obvious that you should definitely do this, which is (I believe) what "no-brainer" means.

TBagpuss

Given that you want it in a relatively short sspace of time, savings accounts or fixed term bonds are likelyto be the best options - if you were thinking of investing in shares then normally the advice is to think about longer term investments.

depending on your other savings and whether you think that you will need the whole of the sum in 12-18 months, you could also consider putting some of the money into a pension, as while that would not be acessible until you retire, it may be worth considering using some of it in that way .

[Deleted User]

etienneg wrote: »

Why do you think 50K in premium bonds is a "no-brainer"?

I'm not saying it's a stupid idea, but it is far from obvious that you should definitely do this, which is (I believe) what "no-brainer" means.

I suppose by "no-brainer", I mean it seems to me to be an easy place to put 50K of my money until I find out about other places to put it which might require a bit more commitment or some kind of penalty - ie tying it up for a year or so. I have a Premium Bonds account currently with a small amount in so was just thinking of topping it up to £50K while getting other accounts open etc as needed. Premium Bonds Prizes don't count towards the PSA as far as I know. I need to read this article more closely first .https://www.moneysavingexpert.com/savings/premium-bonds/
If you have any suggestions rather than Premium bonds, that would be welcome. Thank you

xylophone

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

kuratowski

I'm still getting over someone calling £190K a "modest" amount of money :doh:

surreysaver

kuratowski wrote: »

I'm still getting over someone calling £190K a "modest" amount of money :doh:

Yes. Before I read the thread I was expecting £10k or so

[Deleted User]

Thanks for the helpful advice. ("Modest" in that it's all there is - no house, no pension, so I need to make the best of it. If it were £10K, I would not need advice). I apologise if "Modest" was misleading).