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Where to invest £250K?
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If you want fix rate interest Raisin is a good place to look...
https://www.raisin.co.uk/savingglobal/#/Products
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Have you thought about buying an annuity? But if you specifically want savings accounts, how about:
£50k each in premium bonds (£100k)
£20k each in ISAs - and again in April (£80k)
the rest in fixed rate savings on >5% interest (this site has recommendations). Depending on how much other income you have between you, think about how you divvy this up to minimise tax/make the most of 0% tax on savings interest (basic rate tax payers have a £1,000 allowance, if either of you have lower incomes there’s also a starter rate for savings)0 -
amanda1024 said:Have you thought about buying an annuity? But if you specifically want savings accounts, how about:
£50k each in premium bonds (£100k)
£20k each in ISAs - and again in April (£80k)
the rest in fixed rate savings on >5% interest (this site has recommendations). Depending on how much other income you have between you, think about how you divvy this up to minimise tax/make the most of 0% tax on savings interest (basic rate tax payers have a £1,000 allowance, if either of you have lower incomes there’s also a starter rate for savings)
Annuity is no good, it will probably be spent in lumps as we tick things off the bucket list.0 -
ProDave said:I may have confused you. This is not my entire pension. I have other pensions some in payment already others soon to be.
This separate pot could be described as our "fun pot" While our pensions will pay day to day living, they won't do much more than that. So this pot is what we will draw on as and when needed to ensure our retirement is comfortable, fun and worry free. So the objective is to protect it, not gamble it.
Keeping it in cash will not fully protect it from inflation ( maybe it will in 2024 but not long term) so this is a kind of gamble as well.
No such thing as No risk.1 -
ProDave said:amanda1024 said:Have you thought about buying an annuity? But if you specifically want savings accounts, how about:
£50k each in premium bonds (£100k)
£20k each in ISAs - and again in April (£80k)
the rest in fixed rate savings on >5% interest (this site has recommendations). Depending on how much other income you have between you, think about how you divvy this up to minimise tax/make the most of 0% tax on savings interest (basic rate tax payers have a £1,000 allowance, if either of you have lower incomes there’s also a starter rate for savings)
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