80k 1 Year Saving

Spongenose

Hello,


I have £80,000 to invest / save but only for one year. I do not want any risk on this money as at the end of the year it will used to pay off the mortgage in its entirety. Why don't I pay it off now you ask? Well because firstly it will attract a fee (we have already spent the 10% of balance overpayment for this year) and secondly we are close to the end of the mortgage term (5 years fixed) that we can then pay 10% of balance next Jan 2018 and will only have to wait till Apr 2019 to go onto SVR and thus have no fee for early settlement.


I already have £10,000 in p2p platforms and £5000 in a S&S ISA as well as £2000 invested in pure stocks and shares funds. The P2P is a two year plan and the S&S ISA is a five year plan. The £2,000 in pure shares investment fund is a 10 year plan.


What can I best do with the £80,000? Perhaps top up the S&S ISA to £20k - but can I get it all out after 1 year? The thought of 20 odd current accounts scares me as I don't have enough direct debits and Premium Bonds does not really appeal.


Advice please?

AnotherJoe

Put it in NS&i or PBs. (What do you mean they "don't appeal"????)

Spongenose

By 'don't appeal'. There's risk. In so far as although 80k will be safe - there's no guarantee of a return. I might not win anything at all.

AnotherJoe

Spongenose wrote: »

By 'don't appeal'. There's risk. In so far as although 80k will be safe - there's no guarantee of a return. I might not win anything at all.

That is so unlikely as to be not worth considering.
You may of course get a poor "interest" rate.

Eco_Miser

Spongenose wrote: »

What can I best do with the £80,000? Perhaps top up the S&S ISA to £20k - but can I get it all out after 1 year?

Top up by £20k surely, or did you put the £5k in in the last 18 days? You can normally get the current value out at any time (about a week to arrive in your bank account), but that value may be greater or less than what you put in. Most people wouldn't want to risk it.

Spongenose wrote: »

The thought of 20 odd current accounts scares me as I don't have enough direct debits and Premium Bonds does not really appeal.

Direct debits are not really a problem but I appreciate that you don't want to mess around with 20 accounts, and they're not as attractive as they were last year. I'd still look at the 5% accounts though.
NS&I offers total security and 0.75%.
Some building societies and challenger banks are offering more on one year 'bonds'.

xylophone

http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html