OT- Savings

Discussion in 'Bulletin Board' started by TitusMagee, Nov 14, 2021.

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  1. TitusMagee

    TitusMagee Well-Known Member

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    Just wanting some ideas really- if you had say a decent chunk of money to save for a year or two and you needed it to be risk free, how would you invest it? It is really important that I have at least the figure I'm putting in at the end of it.

    Interest rates are low on savings so I'm considering premium bonds as I should get at least what I would in interest. I'm looking to save about 30-35k.
     
    TitusMagee, Nov 14, 2021
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  2. Micky Finn

    Micky Finn Well-Known Member

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    Premium Bonds, without a doubt. Put a chunk of my redundo in earlier this year. Win summat most months - not life-changing, but def better than any interest rate you'll get.
     
    Micky Finn, Nov 14, 2021
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  3. man

    mansfield_red Well-Known Member

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    Definitely don't tie it into any sort of fixed term savings account at the minute as interest rates will rise in the coming months
     
    mansfield_red, Nov 14, 2021
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  4. In4

    In4reds Well-Known Member

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    Not sure if you are aware of Martin Lewis of mse website some good advice on there not very positive on premium bonds. We have a fair chunk in a stocks and shares isa we were judged medium risk it's making us around 5% pa tax free but there is some risk involved. If no risk is important to you then banks or premium bonds may be the way remember isa mean your interest is tax free.
     
    In4reds, Nov 14, 2021
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  5. ronnieGlavinsB@stardSon

    ronnieGlavinsB@stardSon Well-Known Member

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    Echo Micky Finn's reply.

    Here are couple of articles from Fidelity on this issue:
    • Should I stick my cash savings in Premium Bonds? Link
    • “What happened when I put all my cash savings in Premium Bonds” Link
     
    ronnieGlavinsB@stardSon, Nov 14, 2021
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  6. StatisTYKE

    StatisTYKE Well-Known Member

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    Agreed. There's no savings account that comes close. Having a few quid in won't do much but 35k should.
     
    StatisTYKE, Nov 14, 2021
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  7. Chi

    Chief Well-Known Member

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    Remember, you only need to worry about tax free savings if you earn more than £1000 in interest per annum. That's a massive amount of cash, so makes ISAs a bit of a non event for most people as rates are no better than easy access in most cases. Unless you have a fortune to invest, tax shouldn't be a problem. Interest is paid tax free and it's up to you to declare to HMRC if you earn over 1k in interest.

    Rates for savings have improved a bit, watch this weeks Martin Lewis show for the full info as savings is what he covered. Personally, I invest in Premium bonds, as with average luck, you earn more than easy access rates provided you have over 20k to invest. I win something most months same as Micky said above

    Stocks and shares may pay more, but I didn't want the risk of my money going down in value. All depends on your attitude to risk.
     
    Chief, Nov 14, 2021
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  8. churtonred

    churtonred Well-Known Member

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    I've had about 40k in premium bonds for a few years now. I average about 1.5% return in prizes per year.
     
    churtonred, Nov 14, 2021
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  9. StatisTYKE

    StatisTYKE Well-Known Member

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    Years ago, I got home from work and found I’d got a letter from the Premium Bonds.

    I opened it up to find a cheque for £10,000. GET IN!

    A split second later I remembered I’d asked for that sum to be paid back to me….
     
    StatisTYKE, Nov 14, 2021
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  10. arabian_ian

    arabian_ian Well-Known Member

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    Most I’ve won was £1k. And that was 2005 and my first ever win on a £500 bond. Since then just £25 prizes.
     
    arabian_ian, Nov 14, 2021
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  11. thetykester

    thetykester Well-Known Member

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    I once invested a pound in the half time draw, it returned £595 back, which was nice.
     
    thetykester, Nov 14, 2021
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  12. JamDrop

    JamDrop Well-Known Member

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    I’m terrible at saving. Effectively that is. I’m great at not spending and letting money pile up but it just sits in really crap savings accounts. That’s not a problem at the minute as almost every penny is going into overpaying the mortgage but before we bought we had about 85k just sat in current accounts or low paying ISAs. I did move to the best easy access ISA each year but that’s the extent of it. We can be a bit stupid sometimes.
     
    JamDrop, Nov 14, 2021
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  13. JamDrop

    JamDrop Well-Known Member

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    Will once got guilted into signing up to a lottery for a deaf charity in town. He cancelled the ongoing payments once he got home but won a tenner in that month’s draw. He ended up just donating it back to them :D
     
    JamDrop, Nov 14, 2021
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  14. Red

    Red CB Well-Known Member

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    I also have all my savings in premium bonds and keep a record of what I win, last year I weighed in at approx 1.6% , this year not so good , however being the optimist that I am there is still December to come & I fancy a big win ( I wish ) !
     
    Red CB, Nov 14, 2021
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  15. churtonred

    churtonred Well-Known Member

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    Exactly the same. I started the year like a storm and then slumped badly since. Looking for a December jackpot!
     
    churtonred, Nov 14, 2021
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  16. arabian_ian

    arabian_ian Well-Known Member

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    Arn’t we all?
    Unfortunately I feel next year at this time we will be in the same position.
     
    arabian_ian, Nov 14, 2021
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  17. tyk

    tyke69 Well-Known Member

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    Marcus are currently doing 0.6% on easy access savings
     
    tyke69, Nov 14, 2021
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  18. churtonred

    churtonred Well-Known Member

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    Indeed. I'm beginning to think I've got no chance with all you lot clearly clogging up the drum with your tickets! :)
     
    churtonred, Nov 14, 2021
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  19. Mid

    Mido Well-Known Member

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    Would echo the comments on premium bonds. We’ve found them great over the last few years as they’re easy to get money when you need it too.
     
    Mido, Nov 14, 2021
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  20. cudeth red

    cudeth red Well-Known Member

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    I’d use it for mucky women and beer the rest I’d just waste
     
    cudeth red, Nov 14, 2021
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