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Drawdown frequency

ukdw · 2019-02-13 07:05:41

I am about to start drawdown next tax year and trying to decide whether it would be best to: a) Drawdown 1/12th of the annual amount monthly, or b) Do a single lump sum drawdown in Mid April, put the lump sum in an instant access cash account (Marcus 1.5% for example) and then draw out a monthly 1/12th amount from the cash…

Comments

ukdw Posts: 379 Forumite

15 February 2019 at 5:56AM

mgdavid wrote: »

I do (b) and stash it into a mix of interest-bearing accounts (Tesco, TSB, Santander etc) and transfer smaller sums into current ('bills') account when needed.

Thanks everyone for your comments. I have decided to go for the mid April lump sum option as I don't mind a bit of admin to gain >£400 extra unwrapped interest.

Am planning to use a combination of Santander 123 1.5%, Secure Trust 6 monthly 1.86% and TSB 5%

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