Where to invest

NODDYNODSVILLE

I'm looking to invest a six figure sum, but most of the saving/current accounts only allow up to 3k for a year to be invested for up to 5% interest. Apart from having a shed load of these accounts, is there any low risk, no stocks or shares, just plain simple put a bit of money into an institution to make a bit of interest accounts out there.
I'm prepared to leave it in one place for a few years, if need be.
Any help would be appreciated

Alistair31

So you are looking to save rather than invest. You will struggle to save that amount at rates that will beat inflation.

cjv

Not an exciting interest rate, but a simple and safe option if you are looking to save rather than invest is nsandi:

https://www.nsandi.com/guaranteed-growth-bonds

forextc

Hi. I've just had a similar situation. I trade and invest for a living so am accepting of risk. However I wanted to put a large sum into cash or equivalent which was the proceeds from a house sale.

I would echo that you'll struggle to keep up with inflation on even the very best accounts.

A few things to consider. Rates have the potential for increasing this year, with some of the most bullish forecasts hinting at two rises. It may therefore not be the best time to fix into a long deal.

Also while you get a personal tax savings allowance of £1000 you will move past that with a market leading rate on a sum that size. So consider you will be liable for tax.

Also you will need to split your deposits between different institutions to make sure you are covered by the £85k FSCS protection.

If you haven't used your tax allowance this year you could shield £20k this tax year and another £20k in a just over a month when we are into the new tax year.

I already had the TSB 3% account etc. It's a lot of effort to open so many more of these accounts and even then, it's hard to find enough places to put a large sum.

I just took a look at Martins lists of top accounts and opened some instant access accounts just to get the money earning something. I then fixed some for a year at 1.9%, topped up my ISA and added to my P2P holdings. The rest remains in an easy access account so I can move quickly if the rates change.

On the plus side it's a nice dilemma to have.

forextc

"Not an exciting interest rate, but a simple and safe option if you are looking to save rather than invest is nsandi:
https://www.nsandi.com/guaranteed-growth-bonds"


Good point from CJV. And you don't have to worry about the FSCS £85k limit per institution.

Jaymie_kate

Saving is not bad but do not put all of what you have to it. Invest a fair amount and save the rest. That is the wisest.

NODDYNODSVILLE

Hi there, many thanks for a very helpful reply