Help Savings Guidance Required

rangers_fc

I Have a Savings product with Santander that has matured. Giving me £26,000 .

I am now unsure what to do with the proceeds the Santander Rep has offered a 4.25 percent one year product that would be split between two savings vessels with the ability to close after one year with no penalty.

This looks like a good offer in the current environment. I have had a look around but can see no better offer.

For a no risk savings vessel this looks appealing, but have seen no mention of it on mse. This makes me wonder why?

I just don’t know what to do with the returns here my wife is a non paying tax payer so tax on interest is not that appropriate and ISAs don’t seem to offer comparative rates currently.

I no stocks and shares are meant to outperform savings over the longer term and these products carry a element of risk. I would appreciate if some users would give me some thoughts so I can clarify the best course of action in my mind.

KingL

rangers_fc wrote: »

has offered a 4.25 percent one year product that would be split between two savings vessels with the ability to close after one year with no penalty.

This looks like a good offer in the current environment. I have had a look around but can see no better offer.

For a no risk savings vessel this looks appealing, but have seen no mention of it on mse. This makes me wonder why?


I no stocks and shares are meant to outperform savings over the longer term and these products carry a element of risk. I would appreciate if some users would give me some thoughts so I can clarify the best course of action in my mind.

You haven't really said what it is. What is the "other half" (the non one year half) put in and what is your lock-in on it? If it involves stocks-and-shares, then it isn't savings - it's investment and, yes, there is more risk.

The general view on tied-high street bank investment products is "avoid like the plague" - expensive and poor-performing...