50k where best to put it

[SFHJ]

I am about to be gifted 50k from a family member.
Husband and I are going to put it towards an extension, but we are just at the beginning of the process so can see it happening/starting in the next year and don’t want to rush into anything/ want to make sure we find the right builder etc.

I was thinking premium bonds for the money? Don’t really know what other options there are.

That is where we keep our easy access money.

We are on our way to building a fund for retirement emergencies.

We have £18,000 in there we have won £25 several times over the last few months.

For short term, easy access when you want the money, premium bonds.

DH and I have had 50k each in them since last September and have had a win every month, anything from £25 to £175 each month.

They’re doing better than if they’d been placed in the best savings account we could find.

I've got 100k in premium bonds, never won anything!

@idontlikealdi

I've got 100k in premium bonds, never won anything!

If it helps DH was given 2 when he was born, he is 65 next month not even so much as a sniff.

ISAs for you both would eat up £40k.

We went with the Premium bonds so then will be easy to access when required to get the work done to the house.

idontlikealdi I thought the limit was £50k? Confused now.

We have 50k in premium bonds and without fail win every month for past 2 years. Usually £25, but every few months £50-75. Great way to keep a lump sum earning interest but with easy access. Be aware that your money has to be in for a whole calendar month before you're eligible. So if you bought premium bonds today your 1st possible prize would be 01 January...

PB's every time.
We have ISA's which are medium term investments (5yr fixed rate) plus we have shares etc but with interest rates as they are PB's are by far the best bet (IMO of course).
Had £15 of PB's as a christening present back in 1965 but they have never won me a penny (£15 was quite a sum back then) but now with a more modest investment (we are both maxed out) the winnings are regular and not insignificant.
The real beauty is that you can put money in & out so quickly and easily, no the bonds don't go into the draw until the following month but that is the only downside I can think of. Plus it isn't a fixed term investment (which is what you need to get a reasonable return anywhere else nowadays).
Of course, I am not a IFA so I could be talking complete rubbish!