Inflation & Savings

JohnLock

I want to stick £70,000, which is my savings, into an Oak North fixed rate bond, which offers 2.01%.

After 12 months, I'll get around £1400 interest.

Problem. This is below the BoE inflation rate.

So, question is, is there a better way to protect this £70,000 against inflation?

Alice_Holt

Check posting history.

Some of these gems are really quite entertaining:
https://forums.moneysavingexpert.com/discussion/5917559/stuck-in-limbo-with-40k
https://forums.moneysavingexpert.com/discussion/5888869/withdrawing-20k-in-cash
https://forums.moneysavingexpert.com/discussion/5889436/turning-up-to-a-bank-with-17k

Dazed_and_confused

Have you considered buying a couple of student flats and letting them out?

jimjames

My advice would be to stop spending money. Yesterday you had £90k and it now looks like you've spent £20k in 24 hours. It's not inflation you need to worry about, you'll have nothing left anyway!

https://forums.moneysavingexpert.com/discussion/5965882/student-property-investment

Zero_Sum

Isnt the current inflation rate 1.8%
Anyway inflation is different for different people depending on what you buy

RG2015

Zero_Sum wrote: »

Isnt the current inflation rate 1.8%
Anyway inflation is different for different people depending on what you buy

The January inflation figures are as follows.

CPIH 1.8%
CPI 1.8%
RPI 2.5%

ScarletBea

Zero_Sum wrote: »

Anyway inflation is different for different people depending on what you buy

This, 100%.
I always ignore the published inflation levels for my decisions, and instead look at my year-over-year expenses: I hardly have inflation...

Published inflation is only good for general economy analysis.

darkidoe

Alice_Holt wrote: »

Check posting history.

Some of these gems are really quite entertaining:
https://forums.moneysavingexpert.com/discussion/5917559/stuck-in-limbo-with-40k
https://forums.moneysavingexpert.com/discussion/5888869/withdrawing-20k-in-cash
https://forums.moneysavingexpert.com/discussion/5889436/turning-up-to-a-bank-with-17k

:beer:
:rotfl:
Ahhh such good read on a Midweek evening.

Kernel_Sanders

Alice_Holt wrote: »

Check posting history.

Some of these gems are really quite entertaining:
https://forums.moneysavingexpert.com/discussion/5917559/stuck-in-limbo-with-40k
https://forums.moneysavingexpert.com/discussion/5888869/withdrawing-20k-in-cash
https://forums.moneysavingexpert.com/discussion/5889436/turning-up-to-a-bank-with-17k

It's worth reading through those first two threads just to fully appreciate the gem of #2 in the third; it really made my evening! From that thread

jonesMUFCforever wrote: »

John you would make a fortune writing comedy scripts

The OP wouldn’t, but Shakin Steve might!