What to do with money borrowed for extension?

[Nowthereistwo]

Hi wise people,

We are in the process of planning an extension, we're about to submit drawings to the planning department so realistically still a good 4-5 months away (or more) before building starts.

As we needed to remortgage we decided to borrow the additional borrowings now to secure the low interest rate.

This has gone through today and we now have £100,000 sitting in our current account (a weird feeling).

We know it's not wise to leave it there, so what is the best place to keep it safe and somewhere we can access it as required in 5 months time.

I've heard that Premium Bonds could be an idea?

Any ideas would be appreciated.

Would stick it in a Goldman Sachs Marcus account.

50k each in premium bonds

Agree Premium Bonds. No risk of losing any capital and a good chance of increasing it, with that amount of bonds.

My ex transferred it into his own account then filed for divorce, spending the lot between then and when the finances were finalised, leaving very little equity and nothing to show for it. Beware op!

Good warning there p.p.

Think premium bonds seem a good idea

First thing TODAY... split it into two banks ( not affiliated) that place you safely in the FSCS.

It's obviously a long shot, however you could under certain circumstances lose £15k.

Keep below 85k in your bank (and any affiliated banks in total) over that it’s not protected in case shit really hits the fan.
I’d open a different national savings and investments account. I’ve got premiums bonds (upper limit 50k so it won’t cover it) but also a Direct bond account (think that’s what it’s called). Upper limit I think is 2 mill or somewhere around there and 100% treasury backed. May as well have it all in one as protected. Can transfer in and out online (think it may take a little longer than bank transfer). Due to amount of transfer you’ll probably need to do a chaps transfer at your bank for safety.
Alternatively 50k premium bonds and open an unaffiliated (is not affil with your bank). I opened a coop cashminder account recently - no requirement to have salary going into it no need to have a current account already etc.

I'd spread it about, some in an instant access account, some in premium bonds and a nice big chunk an account with notice but better rates because you won't be spending it all at once.