Where to put £20k that's not premium bonds that might need in next 5 years?

[fedup078]

So I know I'm lucky although the circumstances of why I have this money weren't pleasant but I don't know where to put £20k of it
My pb are maxed and I've paid this years mortgage overpayment allowance. I may or may not want to move house sometime in the next few years so don't want to put it in s&s
I think I might have to just keep it in a normal very low interest savings account unless anyone else has a suggestion?

Cash ISA. Check moneysavingexpert for best rates. They'll be low but if you can fix for a few years you might get slightly better than a savings account.

Depends on your attitude to risk, but most savings accounts etc will barely keep up with the cost of living. I’d consider putting at least half in a stocks and shares ISA invested in a good global fund, e.g. Rathbone Global opportunities, Lindsell Train global equity, Scottish Mortgage investment trust (up 321% over the last 5 yrs), Fundsmith Equity. Over 5 years these funds have a good record and would hopefully balance out and troughs and peaks. You can access the money within a day or so if required. The rest I’d keep in a good instance access interest account. Bare in mind previous performance doesn’t always guarantee the same performance in the future.

Look at Coventry Building Society as they consistently offer high interest rates for a mainstream building society. Last time I looked (a couple of weeks ago) they had a 2 year fixed rate ISA at 1%. Also a non-ISA with limited withdrawals at 0.5%. Still low rates but a lot better than 0.01% on many accounts.

Kent Reliance also worth looking at. They had a 2 year fixed rate bond at 1.4%.

Remember that bonds usually can't be touched before closure. Fixed term ISAs have to give you an access option, which is a deduction equal to the interest for a specific duration, eg loss of 3 months interest.

If you are looking to keep it in Cash, maybe hang on for a few weeks and see what interest rate the new NS&I Government Green Bonds will be offering?

Thanks everyone
I'm holding off to see what happens with the green bonds
I wasn't aware of them