I've sold my house, what do I do with the money?

AceArchie_2

Hello
I'm in the process of selling my house and will receive a large amount from the sale. I'm currently living with family due to personal circumstances and won't be moving out for at least another year or so.
I'm due to receive around £50,000 from the selling of the house and don't necessarily want it sitting in my bank account.
I've done some research into investments and saving alternatives however would appreciate any advice about where to keep that amount of money.
I've got a regular income, so my bills and outgoings will be covered by that so there is no need for me to rely on that money at the moment.

Thanks in advance.
Archie

easterbunni

You could put it into Premium Bonds while you think about what you want to do with it going forward

tacpot12

easterbunni said:

You could put it into Premium Bonds while you think about what you want to do with it going forward

With interest rates so low, and the stockmarkets still not sure how the pandemic is going to play out, Premium Bonds are a sensible suggestion. The maximum you can buy is £50,000. 

Eco_Miser

As you will presumably be needing this money to buy again within the next six years investing is riskier than if you knew you wouldn't need it for over ten years, so should be avoided.

You could buy Premium Bonds, with a remote possibility of no return or an infinitesimal chance of several million pounds, but probably around 0.8% (assuming you get the maximum £50k), or go for a fixed term deposit, with a guaranteed interest rate, but no possibility of early access should you need it.

eskbanker

AceArchie_2 said:

I've done some research into investments and saving alternatives....

What was the outcome of your research, in terms of which options are still on the table and which have been ruled out?