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I know there have been threads on this but cant find anything recent.
I have a couple of pension lump sums come through which means I am cash rich. I need to draw down on them over the next 2 years but can tie up say 30k or so for 12 months. I have other investments in ISA's (stocks and shares) and a SIPP which is invested across a range of funds etc so want this to be pretty much zero risk and there are no tax benefits involved. Am I looking at <1% or is there anything else?
Premium Bonds maybe?
Premium bonds?
Zero risk, you might win a few quid but they're not instant access
We've got a bit of cash waiting for us to buy a new house in a few months (if we can find one we like and isn't going up in price faster than bamboo). Some of it's in Premium Bonds (always nice to have a little frisson every month) and the rest is in a Nationwide deposit account. Both provide quick penalty-free access and after quite a bit of research there was nothing I could find that was risk-free and higher-yielding.
Premium Bonds - once the money has been in for a few weeks you can get it back within 3 or 4 days.
Zero risk, you might win a few quid but they’re not instant access
I withdrew some last month, took three days to come through to my account.
I'm struggling to think of a situation where I might require £30k at even shorter notice than that
I’m struggling to think of a situation where I might require £30k at even shorter notice than that
With bike prices going up and supply issues meaning they get snapped up quick… 😉
Sounds like you have reasonable other savings and investments. Do you really need zero risk? I'd stick some into shares or funds. You should see reasonable growth even in a year. Zero risk really means zero returns (and with prices going up that is effectively a loss).
1.4% fixed for a year.
https://www.unionpremierbond.unionbankofindiauk.co.uk/
As per
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#1yrfixtable
Though with current inflation a loss of around 5% in real terms. But that's life.
https://www.atombank.co.uk/fixed-saver/
Similar to the above 1.35% if you're happy to have it locked away for 12 months?