40k savings for up to 1yr

colsten

None of the reputable posters on MSE would recommend investing money that's needed in the next 5-7, or even more, years. Besides, the OP is looking to spend their money within 1 year.

Albermarle

is not recommended" ?????  By who ???  It is a viable option if you have proper advice.

For someone who wants their money for a house purchase in one or two years , the only 'proper advice ' is to put it somewhere safe .

Even on a 5 year time frame , there is still a significantly increased risk of loss, compared to longer , but might be a viable risk/option in certain circumstances.

kokolino23

DiggerUK said:

Premium Bonds. 24hour instant access. Between 0% and a million pounds..._

Like this:

https://www.nsandi.com/premium-bonds

Are they FSCS protected? I've never invested in something like this but but such low rates on saving accounts at present, maybe is better to try my luck on premium bonds.

Actually, I found the explanation:

https://www.moneysavingexpert.com/savings/premium-bonds/

Considering my luck, I'm not so sure about it...I'm wondering if I can spread them over a few monthly saving accounts with higher interest is worth more than one single account with lower return.

kokolino23

Albermarle said:

Have you considered investing the money instead?
For one year, this is crazy advice , especially as three days ago you said this in another post.
My view is that the moment the UK and US report they are in a depression, which they will have to at some point, I predict a crash in both markets respectively.

Investing where ?! I'm no expert but a depression is more than likely and to invest my cash into shares with no experience at all doesn't sound very wise at all.

eskbanker

kokolino23 said:

DiggerUK said:

Premium Bonds. 24hour instant access. Between 0% and a million pounds..._

Like this:

https://www.nsandi.com/premium-bonds

Are they FSCS protected? I've never invested in something like this but but such low rates on saving accounts at present, maybe is better to try my luck on premium bonds.

As with all NS&I products, your deposits with them are protected directly by the Treasury, i.e. better than FSCS coverage.

AnotherJoe

coachman12 said:

colsten said:

theselfishaltruist said:

Have you considered investing the money instead? 

Investing is not recommended if you need the money sometime in the next 5-7 years, which the OP has indicated they do.

"is not recommended" ?????  By who ???  It is a viable option if you have proper advice. Not one I would personally "push" but nevertheless I'm sure we all want to make sure everyone's opinions are allowed on this Forum. Don't we ??? Don't we ??

It's not recommended by most (pretty much all) of the regulars here. And also I'd venture to guess any reputable source of financial information. 
And what's with the faux outrage? Colsten didn't say the poster couldn't make their opinion known, they simply argued against it. And you've responded as if they suggested they were banned. 

Calm down, calm down.