£1000 emergency fund

happy_money

Hello All!
I am currently trying to save up a £1000 emergency fund. It is currently sat in a Monzo Pot
I'm not really sure where best to save this long term/until needed though.  I guess ideally I'd like to get a good interest on it and still be able to access it quick in case of the emergency! Does anyone have any suggestions?  
Grateful for any advice!

LobsterMemory

Put it in a Marcus account

Speedster2

I’d probably buy Premium Bonds. I know. I know!!

wiseonesomeofthetime

£1000 I would place in Monzo account, even despite the 0.05% interest reduction announcement.
£1000 in Premium Bonds is likely to net you nothing. I held £1500 for 15 years and won £25 over that period!

Doshwaster

It depends on how quickly you think you would need to access the money in an "emergency" - there aren't many situations where you would want the money the same day or even within a couple of days.Sometimes having the money out of immediate access can be a good thing as it gives you time to think whether you really do want/need to spend it or not.

happy_money

Thank you everyone for your advice!
I know nothing about Premium Bonds so will look those up
I will also look in Marcus accounts and in the meantime will put into a Monzo account
Thank you!

Stubod

PB's are a waste of time if you only have £1k to put in. Marcus 1.3% would be my "home" for this money. Open account online in minutes, set up a nominated account, instant access and no messing about with DDs and no monthly minimums to put in....no brainer, but that's just me..

happy_money

Stubod said:

PB's are a waste of time if you only have £1k to put in. Marcus 1.3% would be my "home" for this money. Open account online in minutes, set up a nominated account, instant access and no messing about with DDs and no monthly minimums to put in....no brainer, but that's just me..

Thank you - having a look through the options, I'm going to go with the Marcus account option

grumiofoundation

wiseonesomeofthetime said:

£1000 I would place in Monzo account, even despite the 0.05% interest reduction announcement.
£1000 in Premium Bonds is likely to net you nothing. I held £1500 for 15 years and won £25 over that period!

Presume you mean Marcus?

Malkytheheed

God don't bother with premium bonds. They are a waste of time. My emergency fund sits in a Marcus account 

oli356

grumiofoundation said:

wiseonesomeofthetime said:

£1000 I would place in Monzo account, even despite the 0.05% interest reduction announcement.
£1000 in Premium Bonds is likely to net you nothing. I held £1500 for 15 years and won £25 over that period!

Presume you mean Marcus?

I assume Marcus was meant also, though personally for a grand, I'd just leave it in the Monzo pot at 1.10%.