Best place to save £50k+ for a year

Jimb73

Sorry fellow savers you must get these posts a lot, but having done on various sites, each one seems to have their own agenda. I need advice from someone similar to me that has over £50k stored away that is


1 for a year
2 pays good interest
3 safely protected
4 no tax deductions if possible.


I am slightly wary as I feel we may be hitting a bear market/recession in next 6 months..


Any expert advisers out there please!


J.

campbell19925

Premium bonds, safe as houses. Securely protected as assured by government. Decent interest.

Prism

Depends what you mean by good interest. Around 2% is about as good as it gets for a 1 year fixed. Atom bank is one but there are some others around


When you say 'we' hitting a recession do you mean the UK or the whole world?

Dazed_and_confused

There will be hardly anywhere now that would result in a tax deduction at source.

As far as tax overall is concerned everyone starts (current tax year) with the potential to be able to earn £17,850 in interest before any tax would have to be handed over to HMRC.

For most wages or pension income means they are limited to £6,000 in interest before any tax would be payable on the interest.

For some they have high enough other income so the £6,000 drops to just £1,000.

Higher earners are limited to £500

Very high earners get nothing.

Need to know more about your personal circumstances to know your own tax situation.

You can of course avoid tax by using ISA's but they may not have the best interest rates

eskbanker

campbell19925 wrote: »

Premium bonds, safe as houses. Securely protected as assured by government. Decent interest.

No interest at all actually!

But a reasonable expectation of a (tax-free) return of circa 1.2-1.26% in prizes over a year with a £50K holding and average luck, plus a tiny possibility of a big win....

Jimb73

Many thanks all.