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50K, instant access needed but might not be for a while WWYD

(14 Posts)
VinoEsmeralda Tue 22-Nov-16 16:25:47

I've inherited this amount and will use this to invest in a future property purchase ( investment). This might take a while but could also happen next week.
Just been looking at instant access options and its shocking, even an ISA with my current bank is 0.25%. I've just put it in premium bonds as the rates are just not worth it and who knows, might just be my number..

Wwyd with an amount like this?

GrabbyGrabby Tue 22-Nov-16 19:08:10

Have you had a look on MoneySavingExpert?

LineyReborn Tue 22-Nov-16 19:10:15

Honestly, premium bonds.

Allthebestnamesareused Tue 22-Nov-16 19:11:44

We had 50k in premium bonds for a 4 month period and because it was in one block we won quite a few small winnings but they added up to over £2500. I have heard this is quite common too.

MistyMinge Tue 22-Nov-16 19:13:14

I think an ISA is probably the only product that would enable you instant access if you needed it. It's worth shopping about. With 50k to invest I'd have thought you could improve on 0.25%.

Autumnchill Tue 22-Nov-16 19:16:26

Premium Bonds! Friend has full amount and wins small amounts virtually every month!

GrabbyGrabby Tue 22-Nov-16 19:22:57

The terms and conditions for premium bonds have changed recently and I know that Martin Lewis from MoneySavingExpert doesn't rate them any longer. The info is in the link.

Timepasses Tue 22-Nov-16 19:28:56

Ns&i income bonds. Currently paying 1%. Easy access not instant.

VinoEsmeralda Tue 22-Nov-16 19:36:57

thanks Grabby had a read and its marginal but the chance you could win big is the gamble and the differences are so small I feel its worth it. Plus I like the fact money can only be transferred to a nominated account which makes fraud more difficult...

DH thinks Im mad :-) but I cant see the harm in such small amounts of interest and I like to fantasize what I'll do with my million....

GrabbyGrabby Tue 22-Nov-16 19:49:00

I think you would be better off putting the cash in a bog standard instant access account and buying a few scratch cards.😂 Look at the odds. E.G. National Lottery Scratch Card HERE. You would have to do some maths. 🤔

lionsleepstonight Wed 23-Nov-16 23:11:35

Premium bonds! With that volume, you'll win something and and you get to keep your cash. Better and more fun than a crappy instant access saving account.

BarbaraofSeville Fri 25-Nov-16 11:28:27

Move your current account to Santander 123 for 1.5% on £20k plus cashback on bills that will probably cover the fiver a month monthly fee.

Buy premium bonds with the rest. Get a Tesco current account for 3% on upto £3k if you can be bothered. There are a couple of other current accounts that pay decent money on small amounts, but market is changing. Full info on moneysavingexpert.

specialsubject Fri 25-Nov-16 15:15:42

Most savings accounts pay 1% or less, the bank account trick is on the way out and inflation is over 2%. Anyone with savings is screwed - thanks, Carney.

And people wonder why buy to let happens, even with the risk...

FannyWisdom Fri 25-Nov-16 15:19:50

I echo Premium Bonds, everything is failing but at least with PB we have the government to blame if it's gone Tits up.

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