How to tie up £50k?
Any recommendations on which type of account to tie up savings? We currently have some money tied up in ISAs where the decent rate has ended, some in Premium Bonds and the rest in current type accounts which aren't great for returns. We have around £50k.
We'd like to tie up most of the money for 12 months and a small percentage in an easy access account in case of car replacement/major household bills etc.
Because we have money in ISAs, is it worth transferring it into a new ISA rather than putting it into a bank account and then have to build ISA value back up again down the line? Shawbrook Bank are offering a 12 month cash ISA at 5.83% annually.
Stepping away from ISAs, I've found NS&I are offering Guaranteed Growth Bonds at 6.2% gross fixed for 1 year. All interest over £1k is taxed, isn't it?
We should have sorted this ages ago to maximise opportunities for decent interest on our savings. However, at least rates have increased in the meantime and Premium Bonds have paid out reasonably well so there's still some interest being accrued.
Thanks in advance!
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