70K saving, what to do

swindiff

I came up with this as I am soon to be in a similar situation and wanted to maximise my savings of £70-80k but with no risk. This is for a couple and does not account for any tax due on the interest. Although for a couple from April £2000/year will be tax free.



To view the image, right click and open. Don't know why it does not show in the post.

Nick0101

I'm surprised no one has said it yet, but have you looked into peer to peer lending? While it's riskier than cash saving (because your £70K would be covered by the FSCS), it's far less risky than equity investing and the returns have proven to be roughly 7% over the long run.

Sites like Funding Circle have leant over £1bn now, and they've also had (can't quite remember exactly) £200m+ invested by the UK Government. I've personally had some cash in there since November last year and am seeing a 8.7% return although I expect that to drop at some stage soon.

Don't get me wrong, I wouldn't suggest moving all your savings into a peer to peer lending platform, it might be worth experimenting with just a tiny proportion of your savings and then increasing over time as you become more comfortable.