NS&I income bonds

G_M

In these days of endless rate-chasing, I'm surprised not to have come across NS&I income bonds before.

1%; unlimited protection; instant access; online management

Only downside seems to be the use of BACS rather than Faster Payments.

and minimum £500 withdrawal if that's an issue.

bowlhead99

They come up pretty often on this board when someone says they've just got a bunch of money from a house sale or inheritance that's nowhere near small enough to fit in high paying current accounts or regular saver deals, and they need it relatively liquid access (don't know when they'll get round to buying a new house or investing it properly etc).

As it's NS&I rather than a bank, don't need to worry about FSCS protection limit, and the rate hasn't generally been too far below the other instant access or short notice accounts.

enthusiasticsaver

We will be using NS and I to put a large lump sum in a few weeks time as OHs lump sum will be released from his pension. We do intend to reinvest most of it but in the meantime we want to put it somewhere safe and 1% these days is not bad for a large amount of money.