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Not willy waving, I have never felt so broke in my life. However, we have building work starting and mortgage has released additional funds to pay for the work earlier than I hoped. I therefore have about £80k sat in a current account. This is bad.
I need to put the money away where it might make a quid or two whilst sat there but I will need to access it relatively easily over the next 4 - 6 months. Any ideas?
What are thoughts on premium bonds?
50k Limit on premium bonds, if you put it in now it wont be eligible for the draw until February. Simple to take out though, takes around 4 working days. Could win £25, could win £1mill or somewhere in between.
Money is in our joint account so I assume Mrs S and I could buy £40k each?
Premium Bonds is equivalent to an interest rate of about 1.4%. But you may not get that, you could get nothing, or could get a big prize. Also you effectively lose the first month of interest, so not really worth it for short term.
Could get an instant access account with about 1.3% or 1.4%. Then at least you will get some interest. The Post Office account with 1.38% looks OK, no limits on deposits or withdrawals.
Some options here. https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
I have £40k in premium bonds because we may want to buy a property soon. The prizes equate to a similar rate to building society interest but the anticipation and excitement on the draw day is fun.
I had a similar "problem" with a smaller blob of money when doing our extension.
I ended up sticking it in a Santander 123 account, which had decent rates of interest at the time for deposits up to a limit. The upside was that as a current account it was very easily accessible: I just paid the builder from that account by bank transfer.
Over the course of the build I think we made around £700 in interest and cash-back for various direct debits: not earth shattering, but decidedly better than my usual current account.
I'm not sure the interest rates are as good as they were, but it's possibly still worth checking out.
I'd consider buying a shed load of euros, then converting back to £s when the £ tanks against the Euro (mid Feb at a guess). Or gold which never really loses value
Become a pay fay loan shark?