best bank account or money saving..premium bonds?

Bigwheels1111

Your earnings and tax will come into your choice. Earn over £17570 or less then £17570.

3 years fixed 4.6%. Al Rayan is 4.53% if paid away, Still the best rate as others must be compounded.
Then hit by tax in year 3.
Take the option for interest to be paid away, £1350 interest - £1000 PSA, leaves £350 taxable £70 tax at 20% rate.
If compounding in year 3 £4200, - £1000 PSA interest would be on £3200 ish so £640 taxable.

Select year, 1,2,3,4,5 then sort, rate order.

https://moneyfactscompare.co.uk/savings-accounts/fixed-rate-bonds/

Eco_Miser

Matthew1279 said:

Sadly the S&S and ISA means nothing too me, PB's all gobbledgook - whether thats a word of not you get my gist. English please.

They're standard English terms,  easy enough to look up, but here you are:

Stocks and Shares, Individual Savings Account, Premium Bonds.

P.S. since you want English,  'to', not 'too', 'or' not 'of', "that's" not "thats".

Emmia

Matthew1279 said:

Emmia said:

Depending on how much you're talking about, you could do a mix of PBs, instant access cash savings and longer term investments like a S&S ISA, this would give you instant access to some money (instant access cash savings) slightly slower access (PBs) and hard to access (S&S ISA) 

This is the mix that I have and I pay into all three every month.

Sadly the S&S and ISA means nothing too me, PB's all gobbledgook - whether thats a word of not you get my gist. English please. As for amount certainly not even half of the 250 which was mention in the other post, sadly. But would like to know where i can place say around 30grand, and ideally not touch it for a few years -live within means. thoughts welcome.

Your thread title literally includes the words  "premium bonds" or PBs

Individual Savings Accounts (ISAs) come in two flavours, Cash - where you save cash and get interest, or Stocks & Shares (S&S) where the money you put into your ISA is invested in government bonds, funds or sometimes shares picked by the company offering the ISA. 

S&S ISAs may come in low, medium or higher risk variants, based on the proportions of what they're investing in - lower risk is usually weighted towards government bonds, higher risk options to shares in particular industries. They don't express return as a guaranteed interest rate.

The returns you achieve with a S&S ISA are likely to relate to the risk level, but are not guaranteed... You could theoretically lose all your money invested in a S&S ISA.

The Moneybox ISA I have (medium risk) was worth less than the money I'd put in for a while, but I kept investing, and now, it's worth a good chunk more due to movement in the stock markets. 

Normally a S&S ISA would be for investments you plan to hold for 5+ years. I personally see a cash ISA (which I don't have) and PBs similarly, so for easy to access money, perhaps to cover an unexpected expense, I also have instant access cash savings.

eskbanker

Matthew1279 said:

Emmia said:

Depending on how much you're talking about, you could do a mix of PBs, instant access cash savings and longer term investments like a S&S ISA, this would give you instant access to some money (instant access cash savings) slightly slower access (PBs) and hard to access (S&S ISA) 

This is the mix that I have and I pay into all three every month.

Sadly the S&S and ISA means nothing too me, PB's all gobbledgook - whether thats a word of not you get my gist. English please. As for amount certainly not even half of the 250 which was mention in the other post, sadly. But would like to know where i can place say around 30grand, and ideally not touch it for a few years -live within means. thoughts welcome.

The decision about whether or not to lock away the money, and if so for how long, is actually quite important in determining your options, but if you're struggling with all this, you might find this a useful tool:

The Flowchart - UKPersonalFinance Wiki

badger09

If OP returns to this, perhaps he could clarify whether by ‘UK based’ he means UK resident for tax purposes. Answers could be very different if he doesn’t.