Money to invest short term

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    Money to invest short term

    Hi I've recently received funds from a re-mortgage to cover some building costs for an extension, £70K approx. I won't be needing the bulk of this for around 6+ months so wondering where the best place to keep it would be? I've thought of NS&I premium bonds as there's a slim chance of winning a million (very slim) but does anyone have any better ideas? Any interest I'd get is negligible so I'd even consider buying a classic car or something for the summer and have some fun or anything else that would hold its value. Any ideas?

    #2
    Beware "attractive" offers from all sorts of bent snake-oil salesmen
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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      #3
      Premium Bonds are a good shout.
      I had the maximum amount in 2 separate accounts and did very well over a few years.

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        #4
        Lol, don't worry I'm 'over' cautious!

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          #5
          For better potential returns, you would have to take more risk. The bigger issue for you is that at the point you need the cash for your building works, your investment will need to be liquid and disposable quickly.

          Buying a classic car is all well and good but in 6 months time (November?) the market for a flashy soft top might be a bit thin so you might not be able to sell and/or will lose some value to get a quick sale.

          Premium bonds are a good shout. However they take upto a couple of months to kick in I believe.

          Do you have an offset residential mortgage? That's a decent place to "hold" cash temporarily.

          Failing that, scrap the extension and do a George Best! http://www.battlersandbottlers.com/g...t-all-go-wrong

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            #6
            I know someone who has £40k in premium bonds and only made £500 in a year.

            I'm looking into crowd funding loan financing and crowdfunded / group property investment loans. Yields between 5% - 10% p/a. Obviously there's risk so the idea would be to spread it across a number of these companies. I can't recommend any companies as I'm looking for advise myself.

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              #7
              Although I hesitate to recommend any..........Saving stream has been very good for me and all funds are secured by first charges on properties. I think there repayment rate is around 100% still at the minute this includes loans which have went wrong and they have had to dispose of properties. Again do your own research but I have been with them a couple of years and all has been well on my side

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                #8
                You can open a business account paying interest and get instant access to withdraw but I don't know if there is any restriction imposed on the withdraw amount :

                https://www.money.co.uk/savings-acco...s-accounts.htm

                Best rate available in the market seems to be offered by Virgin Money and Nationwide.

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