Very short term savings

KarlF

I'm remortgaging to release some equity for a loft conversion. I'll have about £45k for about 6 months until the work is completed.

What's the best way to keep hold of this? I don't really want it sat in my normal current account.

Stubod

Premium bonds?

unkle

Premium bonds is a good idea as capital safe, otherwise it's just a savings account but that will likely yield you a hundred pounds or so. If you don't have PB's that seems the best idea as you never know........

pokora

Check in your bank for an easy access saving account.

ctdctd

Premium bonds or the best online instant access account and dump it all in there.

I would do a test deposit and withdrawal to check it's all set up and working OK before moving £45K just to be safe!

Also be aware your bank and/or the new account may have daily faster payment limits.

https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/

aroominyork

Agree, PBs are good, but you will not be in the first month's draw so you will only get 5/6ths of average prizes over six months. Invest on the last (or, to be safe, penultimate) day of the month.

Eco_Miser

aroominyork said:

 Invest on the last (or, to be safe, penultimate) day of the month.

That only makes sense if the money is earning interest before it goes into PBs. £45k sat in a current account won't be.

aroominyork

Eco_Miser said:

aroominyork said:

 Invest on the last (or, to be safe, penultimate) day of the month.

That only makes sense if the money is earning interest before it goes into PBs. £45k sat in a current account won't be.

It would still not 'earn' anything in PBs if invested earlier than the last day of the month. OP could open a savings account eg Marcus and earn c.60p/day.