25k Where should we put our money?

Wrighty74

Hello everyone, hoping you can give me some advice please as finding a lot of information confusing!

My partner and I have recently been left about 25k between us and we plan to use this to purchase our first home, but we won’t be in a position to do that for about 6 months or so. 

My question is where should we put our money in the meantime, given that we will probably want access to it within the next year but would like it to work for itself a little until then?

Thanks in advance! 

ijustlovesavingmoney

Premium Bonds for 6 months, you “might” win 1 million! 

cattie

Premium bonds would be my choice too for such a short timeframe. No interest but the chance to win one of the cash prizes each month.

grumiofoundation

Is the 6 months set in stone? 

If you are eligible you could get 4k free between you from the government if open 2 x LISAs and you don’t buy for 12 months.
https://www.moneysavingexpert.com/savings/lifetime-isas/

If you think you are likely to buy before the 12 month deadline then might as well both open with £1 today and can add to in the event you don’t buy during next 12 months. 

Albermarle

theforest said:

Wrighty74 said:

...My question is where should we put our money in the meantime, given that we will probably want access to it within the next year but would like it to work for itself a little until then?

Decentralised Finance, DeFi, has interest rates typically in the range 5% to 10%, see https://defirate.com/ and https://defipulse.com/ for examples. Perhaps DeFi is another option for you to consider as a place to put some of your money to active use for a while.

OP - ignore this , it is a spam post 

NaughtiusMaximus

ijustlovesavingmoney said:

Premium Bonds for 6 months, you “might” win 1 million! 

Although bear in mind you need to hold them for a full calendar month for them to be entered into the monthly draw so buy them towards the end of the month. ie if you buy them today, the first draw they will be entered into will be March, buy them on 1st February they won't be entered until April. 

theforest

Albermarle said:

OP - ignore this , it is a spam post 

Which part? Others have suggested options to consider so why do you view my doing the same as spam?

clive0510

premium bonds. you might win something, but you won't lose your capital. 

_theinsider

As above - Premium Bonds. 6 months is too short a time frame and too risky to put the money into shares. You'll get next to nothing in a savings account. Money will be safe in Premium Bonds and you may get a bonus win.

csgohan4

theforest said:

Albermarle said:

OP - ignore this , it is a spam post 

Which part? Others have suggested options to consider so why do you view my doing the same as spam?

So you want someone who needs the money in 6 months or so to invest in a volatile cryptocurrency, are you mad? and if the OP loses their money?, You won't lose money in PB or even in an interest rate account.

Are you saying that cryptocurrency is safer than PB? given they need to use it in 6 months? If you answer yes, you have no idea what risk management nor taking into account the OPs circumstances are. 

steampowered

Personally I would just leave it in a savings account. 

Premium bonds are fine for short term savings, but it can take a bit of time to withdraw them. Not really worth the hassle if you want the money again in 6 months.