£73k to invest

dredge322

Sold my rental property and now have £73k that I need to invest. Problem is, I dont know how long I will be investing it for. I may need the money in 1 month or 12 months time. So It must be an account where I can transfer it back into my currant account. 1 months notice should be fine.

I was thinking Easy Access ISA (Trading 212) the rest in a easy access savings account.
I bank with Barclays and HSBC. None of which have any decent option's.
I even thought of putting into my NS&I Savings Bonds but that wont give me interest, just a chance of winning money. No idea on the odds for that are.
Your thoughts would be appreciated 

born_again

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Eyeful

On this forum the terms normal used are:

1. Investing means putting your money at risk. you may get out less than you put in.

2.  Saving means putting money aside in a safe place, such as savings accounts at a bank, building society or NSI.

3. Have a look here:
https://moneyfactscompare.co.uk/savings-accounts/
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

4. You can put up to £20,000 into a tax free CASH ISA  each year. Have you used it yet?

wmb194

dredge322 said:

Sold my rental property and now have £73k that I need to invest. Problem is, I dont know how long I will be investing it for. I may need the money in 1 month or 12 months time. So It must be an account where I can transfer it back into my currant account. 1 months notice should be fine.

I was thinking Easy Access ISA (Trading 212) the rest in a easy access savings account.
I bank with Barclays and HSBC. None of which have any decent option's.
I even thought of putting into my NS&I Savings Bonds but that wont give me interest, just a chance of winning money. No idea on the odds for that are.
Your thoughts would be appreciated 

You're thinking of Premium Bonds. Savings bonds pay interest.

Eyeful

As for the odds of winning with Premium Bonds, play around with this:
https://www.moneysavingexpert.com/savings/premium-bonds-calculator/

Stubod

...you shouldn't "invest" for such a short time, (normally 5 - 10 years). Asssuming you have no other debts I would be looking at maxing out Premium bonds, or the best high interest rate savinga account you can find, assuming you will need access to the money at some point in the near future.

dredge322

Why shouldn't I put it in a ISA short term? It still gets monthly tax free interest and no charges?
Problem with Premium Bonds is I arnt guaranteed a penny with my luck.
I also read you can now have more than 1 ISA

EthicsGradient

If the T&Cs of the ISA allow withdrawal at any time, there's no reason you shouldn't use it when it's the best interest rate. You can invest £20k before April 5th, and then another £20k after April 6th (keeping the rest in an easy access non-ISA account; it you're married (or in a civil partnership), you could potentially use your partner's allowances in the same way).

Whether Premium Bonds beat an easy access non-ISA account depends on your taxpayer band, and how long you end up keeping the money in the account.

Dinosaur35

Hi. If you are talking about the T212 cash ISA my personal opinion it's a good option, however be aware your funds are spread across three different banks, NatWest, Barclays and JP Morgan. The app will show you the percentage split so take that into consideration if you already have savings in these banks as the £85k FSCS cover would apply to each institution.

Eyeful

1.  Putting your money into an NS&I savings account your money is 100% safe, you are lending money to the UK government

2. Putting your money into a low risk Savings Account, covered by the FSCS up to £85K, your money is safe.
So a savings CASH ISA account is OK.

3. INVESTING: means putting your money at risk. You may get back less than you put in,
(a) Investing into a Stocks & Shares ISA for at least 10 years the odds of winning the game are High.
(b) Investing into a Stocks & Shares ISA for for 12 months is Speculation the odds of winning the game are Low.

3. You might want to consider investing for a few months into a Short Term Money Market Fund.
This is not the same as putting you money into a low risk savings account.
https://www.ii.co.uk/analysis-commentary/highest-yielding-money-market-funds-park-your-cash-ii527664

Stubod

dredge322 said:

Why shouldn't I put it in a ISA short term? It still gets monthly tax free interest and no charges?
Problem with Premium Bonds is I arnt guaranteed a penny with my luck.
I also read you can now have more than 1 ISA

...it's your money, you can put it where you like....