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Thecar
Posts: 37 Forumite

We lucky to have £50k each
Juls draw £125 between both holdings what a crap return
Any advice where we can put this money into a savings account and get mthy income on the investment we will not be making withdrawals tks
Juls draw £125 between both holdings what a crap return
Any advice where we can put this money into a savings account and get mthy income on the investment we will not be making withdrawals tks
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Comments
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Plenty of choices at Best Monthly Interest Savings Account | Rates From 5.35% (moneyfactscompare.co.uk)#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3660
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Are you higher rate tax payers who have used your tax free interest allowance? Have you used your £20k ISA allowances?0
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No isa and not high tax payer0
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How long have you has the £50k each in PB? Looking at the results for one month in isolation is not the best way of assessing how well you have done with them. What is your total winnings over a full year if you have had them that long?
Where to put the 2 X£50k is a difficult one to answer without knowing your appetite for risk.
The safest option is in a savings account where both your capital and any accrued interest is usually protected by the FSCS rules.
Any investment into stocks & shares type savings will not be protected and you could end up with less than you put in.
If it was me, as a cautious saver, and if I knew I wouldn't need the savings for a year, right now, I would put them in a 1 year fixed savings accounts.
If interest rates do fall over the next few months (but who knows given the impact of any post election fiscal approach changes), then at least you will get a guaranteed interest for one year.
Do you need access to the interest made on the savings, or are you happy to let the interest build in the savings account?
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You asked the same question 1 year ago so I guess you have had them at least two years. What are your long term plans for this money?1
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Tks for the reply yes had over 2 yrs
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