Please tell me where to put my money!

[Coffeebiscuitsrepeat]

I've very gratefully received a fair sum of money from a family member's will. I don't want to use it until I buy a property for deposit maybe in a year or two. I can put £4k in a Lifetime ISA but no more than that per tax year. Not sure where is best to put the rest?? Premium bonds? Or is a saving account like Nationwide best? I know interest rates aren't great. Any wise words would be greatly appreciated!

The way the world is going right now, I'd say the mattress.

I'm joking, obviously, but perhaps it would be a wise course of action to speak to a financial advisor.

I'll keep it safe for you OP
Will PM my account details over 😉

Premium bonds!

@Aquamarine1029 Very Breaking Bad!

@Coffeebiscuitsrepeat

Or as my grandfather, who lived through the great depression would say, "Very sensible." That man did not trust banks!

Premium bonds?

Interest rates are horrendous. We have about £450k in Nationwide but it's 0.25% 😬 in the past I had savings at 5%, doubt I'll ever see those rates again. Some of our investments have a better return but they're very up and down. I don't know what the answer is. I've never tried premium bonds, but it might be worth a gamble. At this rate the bottom of the mattress might be the best interest rate 😭

Had a similar conversation with DH this evening.
I'd stick it in Premium Bonds. It'll earn virtually nothing in a savings account. With PBs you can access easily when you want and you also stand a chance of winning some cash, which would possibly be more than the interest on a savings a/c.

F
My 17 year old grandson is going to be earning about £400 a month Till hopefully college restarts in September
Would premium bonds be a good way to store his money in the hope a win would add to it

Wondering if 18 is min age

@TimeWastingButFun You really shouldn't have more than £85k with any one banking institution. If they go under you will lose your money.

@TimeWastingButFun I wouldn't have 450 in one place!!

Op premium bonds are relatively safe but don't bank on returns.

We've gone for premium bonds at the moment too. You can put in up to £50k per person. With interest rates so low it seems worth a punt and you might win big, you never know!

My mum got enough prizes on about £30k worth to give an interest rate equivalent of 1.4% in the last year.

@TimeWastingButFun ns&i are paying 1.15% with their income bonds which would be a better than you are getting at nationwide and your money (no limit) would be backed by HM Treasury.

Some ideas on here? www.moneysavingexpert.com/savings/

It's got a Premium Bonds calculator too, but I don't think the returns are as much as they used to be!

I opted for premium bonds.

Mini and Arietty
Thanks, it's a good point, I have always thought Nationwide to be really safe but these days who knows. And that interest rate looks a lot better. Our FA hasn't been in touch for ages, we should really get on to him for the latest advice. Definitely going to look into Premium Bonds too.

Last 12 months I've had 1.6% from premium bonds, £50k holding. This month only one win of £25 so 0.5%...still beats my bank accounts hands down. Best month I ever had, a few years back, was £800 from £50k holding - 16%. If only it was always like that!! Some months I get nothing. See, its a long and steady game of hope, expect 1% average pa over time. I'm winning a million next month though, which is nice, so ignore the calculations 😁

Kent Reliance is currently offering 0.7% on its Easy Access account (managed online). Shawbrook Bank is 0.5%.

And I certainly wouldn’t have more than £85k per person with a single provider, unless it’s very short term and covered by the 6 month temporary high balance allowance.

@TimeWastingButFun - if you have a financial advisor but £450k all in one bank earning so little, you might want to try someone new.

Thank you so much everyone!

I put some into my Lifetime ISA and the rest into Premium Bonds

not a totally brilliant idea if you want some interest, and premium bond holding limit is 50k.

this is a daily mail associate link, but it will tell you what you can get between easy access and fixed rates. It is frequently updated. You need to keep an eye on things, stop paying attention and rate will go to 0.01%.

www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

as others mention, no more than £85k per banking licence. And sack that adviser.