Where to invest the money to get better returns

[Couldnotfindusername]

Hi,

In my saving account I have 15K or something and I want to invest that money where I can get better returns ( Currently I get like 1.2% of interest very nominal). I do not think I need to withdrawn until I buy the house which we are planning to have within 1 year or so.

Where should I invest, what kind of investment would be safe and not so high risk.

If you need the money in a year or so, do not invest it. Keep it as cash savings.

But you can get a much better interest rate than that. Look at the latest Money Saving Expert recommendations and you should be able to find something around 5%.

I have £4k in nexo which is crypto and is risky, but I invest in stable coin which is a lot safer. It makes 12% a year and it's currently invested in US tether which is pegged against the dollar. I've been investing for several years now and have done well, but you do need to only invest as much as you are comfortable losing!

I also save with a building society on about 4% interest for instant access so if you shop around you should be able to find a better return than your current one. If you're prepared to lock the funds up for at least a year you will get a better return.

Have you got a lifetime ISA?

Yes. For first time home buyer. I have opend this 2-3 months ago

Lots and lots of acounts give more interest than you have. You don't need anything risky or fancy just look at MSE as @NoBinturongsHereMate says and open an account offering 5%.
You obviously won't want to tie it up so look for easy access, look at Close Brothers, I have some money with them, all easy to open.

I get a better rate than that with Nationwide, so you really need to look around.

There are even low access accounts or cash ISAs giving over 5% at present. Have a look at what your present savings holder has as often that's the simplest and quickest way to get it earning more. I opened a higher rate one with my building society online in under 5 minutes.