Sold house - where to put equity?

JamesBro

Hi there.
I've just sold my house and now have £45,000 in my account.
I'm not buying another house and will be renting instead for the foreseeable future.
I'd like to put the money away to save it, and not touch it unless in an absolute emergency.
What's the best thing to do with it? Shall I just keep it in my 'savings' account linked to my bank account or is there a cleverer idea than that?!
Thanks.

xylophone

Interest rates are very low - 

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

Had you considered Premium Bonds?

JamesBro

I hadn't, until you mentioned it.
For what I have, it seems fairly sensible and safe. Understand it's not perfect and the chances of winning much are very small, but seems as fruitful as the easy-access saving accounts. Thank you.

Albermarle

With £45K your luck should come close to the average over a few months . That means an average return of 0.8/0.9% with an infinitesimal chance of winning a Million . So better than a normal easy access account .
If you really will not touch the money ( or most of it ) for many years you could consider investing some of it in a Stocks and shares ISA, or into a pension is you have one for the very long term .