Where to put savings?

ChrisD.

ChrisD.

ChrisD.

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I've recently come into some money and I'm wanting to save it for about a year when I'll likely be moving home. I was thinking about premium bonds but after reading up this seems not to be recommended. Would I be best off putting as much as I can in an ISA (£20k I believe per tax year) and then the rest in something like Saga savings account?

I'm no where near savvy or switched on enough to invest it in bitcoin or stocks etc, I just want a risk free savings account where I'll make some interest on it over the next 12 months or so.
 
Really depends on what you want to do. I'd suggest going to UKPersonalFinance on Reddit, they have a flowchart which is pretty neat
 
It honestly depends how much money you're talking about.

If it's a fairly significant amount (it looks to be at least 20k), then there are plenty of companies that will move it into a investment portfolio of theirs for you. Some of the more agile companies have the added benefit of using your money to invest in sustainable solutions, so you know that any returns you're getting are coming from a better source.
 
Marcus account if you need access within a year, they have just lowered the interest rate but that won't matter in your circumstances.
 
easyrider said:
Premium Bonds...I’ve won £250 in the past 6 months :p
Click to expand...

You will get shot down for suggesting premium bonds, like I did in another thread like this, I appreciate its a bit of a lottery, but I have earnt more money in the last 3 years, than any savings account will pay
 
Another premium bonds pro person here, wish i'd done it sooner. Sure there's no guarantees, but i'm making more than a savings account, plus have the advantage of winning big. PB is for those who don't expect a return, and let's be fair, anyone looking to make a good return on safe investment these days won't find it. Even locking in cash is pretty poor right now.
 
Terminal_Boy said:
I know several retired expats that have the maximum £30k of Premium Bonds and they all claim that their yearly winnings is 3-4 times what they’d get in interest from any savings plan.
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Small point but it's £50k these days for the max , a nice round £100k for couples

My returns through PB are just touching 1.5% over nearly 3 years so i'd say that was a pretty good return tax free compared to savings rates
 
Em3bbs said:
For those suggesting Premium Bonds, the odds are going to be getting even worse from May, the rate going down to 1.3%:
https://www.moneysavingexpert.com/news/2020/02/premium-bond-prize-rate-to-be-cut-to-1-3-/
Click to expand...

Well, because the odds of winning are low anyway, it probably won;t have that much of an effect on an indivdual basis. Someone has to win the £1m, £50k, £10k etc. prizes and even the lower of the big prizes is far bigger than any savings account would return.

It's a "risk" but, in reality, you're risking peanuts. 50k at 1.3% is only £650 a year and likely you'll be near that on the PB. Either way, rates today (unless you lock in) are lower than inflation so your money is depreciating in savings accounts anyway, so may as well take the "risk" and try win a big prize!

I don't anymore, but when I had the full £50k, I won something most months. I spent all that and have £1k now and never win! haha!
 
Agree on the PB thing, and I have been 100% against them until recently.

Government backed, practically instant access, likely returns around 1.3% , although its likely to vary, particularly if you have lower amounts.

Dont invest your money if you will need it, too much volatility on the markets.
Save it, and right now PBs do seem a reasonable place.

As with everything it changes over time.
 
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