I have most of my savings in NS&I

taffy26_2

I have most of my savings in NS&I at 5.35 %. This was a two year bond which unfortunately matures later this year. It has been providing a nice £300+ to our monthly income, but come maturity that will drop to around £100 per month.
Anyone else in the same boat?
What else is out there that can provide a safe monthly income in this new state of affairs?
Any info would be most welcome.
Thanks

littlemrtinkle

i would look at best paying isa for tax free savings.

currently barclays and natwest for instant access, or halifax 3 % fixed

maximum investment £3600 each year.

Baldur

littlemrtinkle wrote: »

i would look at best paying isa for tax free savings.

currently barclays and natwest for instant access, or halifax 3 % fixed

Possibly no longer available or offering different rates when the bond matures 'later this year' and certainly wouldn't produce more than a minute fraction of the sort of monthly income which the OP is currently receiving.

opinions4u

taffy26 wrote: »

I have most of my savings in NS&I at 5.35 %. This was a two year bond which unfortunately matures later this year. It has been providing a nice £300+ to our monthly income, but come maturity that will drop to around £100 per month.
Anyone else in the same boat?
What else is out there that can provide a safe monthly income in this new state of affairs?
Any info would be most welcome.
Thanks

It's a case of shop around when the time comes.

Sites like https://www.moneysupermarket.com/savings can help you keep ahead of the game.

I'd hazard a guess that you should be able to get 4% fixed - possibly for 2 years - so that should ensure you still get over £200 a month.

Don't forget Lloyds/Halifax/RBS/Nat West brands are majority owned by the government. While not explicit in guarantee, I can't see the government allowing these firms to go bust.

If security does concern you, remember it's £50k per person per banking licence (£100k for joint accounts). If needed you can split money between 2 or more banks.

taffy26_2

Many thanks to all of you who posted.
Will keep you informed of any developments.
Regards

StevieJ

taffy26 wrote: »

I have most of my savings in NS&I at 5.35 %. This was a two year bond which unfortunately matures later this year. It has been providing a nice £300+ to our monthly income, but come maturity that will drop to around £100 per month.
Anyone else in the same boat?
What else is out there that can provide a safe monthly income in this new state of affairs?
Any info would be most welcome.
Thanks

I bought some shares when they were down, e.g. Shell have been down to 12.35 yield 8% for a BR tax payer. Not cast iron but if you buy at the right price it can be a good little earner