I have a lump sum to invest and need income

peachymonkey

I have a large sum which I can lock away for a year. I need some income from it and I don't want to take any risk at this point. What's the best deal around at the moment?

wiseradvisor

No risk = lowest return!

If you dont want to take risk, then go for fixed depodit or any monthly income scheme which would be the best one matched with your requirements.

isofa

I posted this yesterday on a similar thread: http://forums.moneysavingexpert.com/showthread.html?t=1009197

With no risks you are talking savings only. As you need income opt for monthly interest and have it paid out into another account.

Some may argue further to minimise your risk you need to split it into 35K chunks in case any bank/BS collapses you'll be protected for the full amount.

You'll get the best rate on a fixed rate account or "bond", these are over 7% at the moment (Birmingham Midshires will have one at 7.17% from the 4th July), but you'll need to lock the money away for a year.

So you could split it, some in fixed rate accounts, some in high rate instant access accounts (Kaupthing Edge, Icesave etc).

The highest rated accounts are listed at Moneyfacts.