£70k. Which bank?

grumiofoundation

jbrassy said:

colsten said:

You don't have to switch to Virgin in order to open a current account with them. You can leave your existing current account arrangements untouched. 

If the money is required in the next 6-12 months, an S&S ISA, or any investment, is a terrible idea, I'm afraid. Investments are for the much longer term, generally at least 5 years.

It's true that you don't have to switch to Virgin, but if you want to switch, then it's worth claiming the wine deal.

As for S&S ISA, I think it depends a lot on what you're investing in. With equities volatility and risk mean you should be looking at an investment  horizon of around 5 years. But if you're investing in investment grade bonds with short maturities, this risk is very low and you can invest for a shorter period.  

 To be honest is there much point?
https://www.vanguardinvestor.co.uk/investments/vanguard-global-short-term-bond-index-fund-gbp-hedged-acc?intcmpgn=fixedincomeglobal_globalshorttermbondindexfund_fund_link

The fund you link to costs 0.3% each year (0.15% fund plus 0.15% platform), so has to return >1% to 'beat' cash. There will be some pretty low yielding bonds in there. 

Fund can still drop in value - dropped ~2% in march. Yes much lower risk than equities, but also much lower return. 

Screaming_Flamingo

Random, probably unworkable thought. Winning premium bonds are selected on the 1st of every month. What's to stop OP from putting all £70k in a savings account and then on, say, 25th of every month transferring £50k into premium bonds. Let the prize draw happen, then withdraw all the money and any winnings (apart from £50 to keep the account open) back into the savings account on the 2nd. Then repeat monthly. You get all the chances of winning in premium bonds, plus most of the interest in the savings account? Presumably that is against some T&Cs? 

IanManc

Screaming_Flamingo said:

Random, probably unworkable thought. Winning premium bonds are selected on the 1st of every month. What's to stop OP from putting all £70k in a savings account and then on, say, 25th of every month transferring £50k into premium bonds. Let the prize draw happen, then withdraw all the money and any winnings (apart from £50 to keep the account open) back into the savings account on the 2nd. Then repeat monthly. You get all the chances of winning in premium bonds, plus most of the interest in the savings account? Presumably that is against some T&Cs? 

Premium Bonds have to be held for a clear calendar month before they're eligible for the draw. It it set out very clearly in the terms and conditions.

Screaming_Flamingo

IanManc said:

Screaming_Flamingo said:

Random, probably unworkable thought. Winning premium bonds are selected on the 1st of every month. What's to stop OP from putting all £70k in a savings account and then on, say, 25th of every month transferring £50k into premium bonds. Let the prize draw happen, then withdraw all the money and any winnings (apart from £50 to keep the account open) back into the savings account on the 2nd. Then repeat monthly. You get all the chances of winning in premium bonds, plus most of the interest in the savings account? Presumably that is against some T&Cs? 

Premium Bonds have to be held for a clear calendar month before they're eligible for the draw. It it set out very clearly in the terms and conditions.

Ah, ok, thanks. T&Cs spoil all our fun.