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Saving Advice
tardis_pilot
Posts: 2 Newbie
Bit of background. I have recently sold my flat as the service charge was getting absolutely ridiculous.
Because interest rates are still a bit volatile I've moved in with family. The upshot is I have £85,000 to save for one year and I'm not sure where to save it. ISAs have a deposit limit of £20,000 so I'm not sure if I should put 20k in one of them and the rest in savings accounts, or put it all in a savings account. Are premium Bonds worth it? (I suspect not) should I invest some of it? Not sure what to do for the best.
Because interest rates are still a bit volatile I've moved in with family. The upshot is I have £85,000 to save for one year and I'm not sure where to save it. ISAs have a deposit limit of £20,000 so I'm not sure if I should put 20k in one of them and the rest in savings accounts, or put it all in a savings account. Are premium Bonds worth it? (I suspect not) should I invest some of it? Not sure what to do for the best.
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Comments
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If only for one year then forget investing, especially if you may need all your money without any losses or costs, too volatile over such a short termPremium bonds, it's just a gamble that only you can judge value of, at leat your money is 100% safe, and you never know. I bought £10K in March and so far have won £300I think you have worked out that savings account plus cash ISA is probably your easiest and safest option for nowWhen an eel bites your bum, that's a Moray0
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£20k to 1 year fix isa as it is tax free.
£50k to 1 year guaranteed growth bond.
£15k to Premium bond or easy access saving account, just in case need access to cash.2 -
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