40k to save invest for 6 months

Marky4040

Hi All

My brain is fried.

Can anyone point me in the right direction to save or invest 40k for 6 months only, without having to open lots of accounts all over the place etc.

Thanks.

jaybeetoo

Do not invest for 6 months. It’s too short a time. Just look on MSE for best savings rates.

InvesterJones

https://moneyfactscompare.co.uk/savings-accounts/

Albermarle

https://forums.moneysavingexpert.com/discussion/6686526/40k-to-save-invest-for-6-months

Investing is for the long term, so you need savings accounts.

No problem to put £40K into one savings account. You will probably end up paying some tax on the interest ( regardless of how many accounts you have.

If you put £20K into a Cash ISA, the interest from that is tax free.

FlorayG

If it's only for a short while put it in Premium Bonds. With that amount you will almost certain sufficient to make reasonable "interest" and there's always a chance of a big win

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/82166667#Comment_82166667

Trouble with Premium Bonds, you won't win anything until the month after the first full month your money has been there. So if you're saving for six months, you'll only have a maximum of five draws. And unless you're extremely lucky, you will not earn more that what you could earn in the best easy access account. Then your money will be doing nothing leading up to the beginning of the second full month, and nothing after the last draw.

Premium Bonds are only really worth it for those who have already used up their ISA allowance and are paying 40% tax

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82166717#Comment_82166717

For those who are able to optimise purchase and sale times, it's possible to hold PBs for six months plus a few days and to be entered into six draws, if buying at the end of a month and selling immediately after the last draw.