Are Premium Bonds the Preferred Choice Now?

JPin

I have several thousand sitting in a current account accumulating no interest. As most saving's accounts are paying next to zero are premium bonds the best option for now?
I want a home for around £10k until this time next year when I will need the funds.
Current setup is as follows:

HSBC £150.00

HSBC RS £2,250.00 5.00%

Nationwide £0.00 1.00%

Nationwide RS £3,000.00 5.00% - Just Matured

First Direct ISA £3,834.52 0.55%

First Direct £2,700.00 5.00%

Funding Circle £236.80

M&S Current Account £1,109.00

M&S Current RS £2,250.00 5.00%

TSB £1,874.80 3.00%

Premium Bonds £200.00

Coventry RS £800.00 2.50%

eskbanker

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#1yrfixtable shows that you can earn 1.6% from a one-year fix, which will comfortably outperform what you'd expect to win on Premium Bonds with average luck (about 1.15%).

Albermarle

what you'd expect to win on Premium Bonds with average luck (about 1.15%).

Also there is a possibility this could get further reduced over the next few months.

worldtraveller

https://www.moneysavingexpert.com/savings/premium-bonds/

P.S. I have one of the first Premium Bonds issued, from back in 1957. It's NEVER won a prize! That said, others have, which I've purchased subsequently, but no fortune for sure! It's basically no more than a lottery ticket, but, in these turbulent times, also backed by HM Treasury.

ColdIron

Might be worth a look as a higher rate taxpayer, you'll need to do the sums for your circumstances. They don't work for me but you can definitely do better than 0%

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

colsten

There are a number of Regular Saver accounts that pay relatively decent interest and easily take £10K over a year between them. 
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list

JPin

colsten said:

There are a number of Regular Saver accounts that pay relatively decent interest and easily take £10K over a year between them. 
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list

I have a few at the moment as per below:

HSBC £150.00

HSBC RS £2,250.00 - 5.00%

Nationwide £0.00 - 1.00% 

Nationwide RS £3,000.00 5.00% (Just matured)

First Direct ISA £3,834.52 0.55%

First Direct £2,700.00 5.00%

Funding Circle £236.80

M&S Current Account £1,109.00

M&S Current RS £2,250.00 5.00%

TSB £1,874.80 3.00%

Premium Bonds £200.00

Coventry RS £1000.00 2.50%

where_are_we

Ditch the ISA paying .55%. Open a marcus 1.3% instant access now for your cash earning no interest. Feed your current account from Marcus each month to fund the following standing orders -  Virginmoney Regular saver fixed 2 % and a Halifax Regular saver fixed 2%. Is your TSB a monthly saver ? if not, easy to open a TSB monthly saver 2% fixed because you are already a customer with online access. These monthly savers all mature in 12 months for when you need your money.

JPin

where_are_we said:

Ditch the ISA paying .55%. Open a marcus 1.3% instant access now for your cash earning no interest. Feed your current account from Marcus each month to fund the following standing orders -  Virginmoney Regular saver fixed 2 % and a Halifax Regular saver fixed 2%. Is your TSB a monthly saver ? if not, easy to open a TSB monthly saver 2% fixed because you are already a customer with online access. These monthly savers all mature in 12 months for when you need your money.

Thanks, quick easy win with the TSB regular saver @ 2% setup. I assume this takes the money from my current account on a fixed date?

afis1904

You'll have to set up a monthly standing order that goes out before the 25th.

Speedster2

https://www.moneysavingexpert.com/latesttip/
Saw your other thread, don't think the advice is any different from this one really.