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  • FIRST POST
    • Regina83
    • By Regina83 15th Apr 19, 1:47 PM
    • 2Posts
    • 0Thanks
    Regina83
    What to do with lump sum
    • #1
    • 15th Apr 19, 1:47 PM
    What to do with lump sum 15th Apr 19 at 1:47 PM
    Hi all,

    I am a novice and have tried to work out what I should do with my 30k lump sum that I have received. It has been sitting in a Lloyds current account for over a year and I feel I need to do something with it. The savings accounts don't seem to make much sense as there are very low max payment amount restrictions.

    Small "issue" - I will need the money in 1-2 years so that I can get a mortgage so a long term fix isn't really appreciate.
    Any help would be greatly appreciated
Page 1
    • Brilley
    • By Brilley 15th Apr 19, 1:50 PM
    • 15 Posts
    • 13 Thanks
    Brilley
    • #2
    • 15th Apr 19, 1:50 PM
    • #2
    • 15th Apr 19, 1:50 PM
    nsi premium bonds?...
    • Smellyonion
    • By Smellyonion 15th Apr 19, 1:56 PM
    • 162 Posts
    • 105 Thanks
    Smellyonion
    • #3
    • 15th Apr 19, 1:56 PM
    • #3
    • 15th Apr 19, 1:56 PM
    I would aim for the easy access Marcus account. At 1.5% return, you would make 37.50 per month. Still lower than inflation, but you maintain the flexibility of your money and avoid the risk of stocks/shares for a relatively short time period.
    • enthusiasticsaver
    • By enthusiasticsaver 15th Apr 19, 6:33 PM
    • 8,356 Posts
    • 19,107 Thanks
    enthusiasticsaver
    • #4
    • 15th Apr 19, 6:33 PM
    • #4
    • 15th Apr 19, 6:33 PM
    Well a current account (unless it pays interest on the whole 30k) is not the place for it. If you need instant access to it then an internet saver like Tesco internet saver or Marcus or I think post office account is a reasonable rate. Have you got a Help to Buy or are you not a first time buyer?
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Aidanmc
    • By Aidanmc 15th Apr 19, 7:11 PM
    • 32 Posts
    • 12 Thanks
    Aidanmc
    • #5
    • 15th Apr 19, 7:11 PM
    • #5
    • 15th Apr 19, 7:11 PM
    If you're pretty sure you wont need access to the money for at least 1 year, BLME do a 1 year fixed term Deposit account with 2.2% 'profit'.
    • Regina83
    • By Regina83 15th Apr 19, 8:56 PM
    • 2 Posts
    • 0 Thanks
    Regina83
    • #6
    • 15th Apr 19, 8:56 PM
    • #6
    • 15th Apr 19, 8:56 PM
    Just getting out of a mortgage due to divorce and don't fancy tying myself down again just yet.
    I will have a look into your suggestions - thank you :-)
    • eskbanker
    • By eskbanker 15th Apr 19, 11:21 PM
    • 10,090 Posts
    • 12,154 Thanks
    eskbanker
    • #7
    • 15th Apr 19, 11:21 PM
    • #7
    • 15th Apr 19, 11:21 PM
    Perhaps worth considering notice accounts as a halfway house between easy access and fixed term accounts?

    https://savingschampion.co.uk/best-buys/personal/notice-accounts/
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