Best place to squirrel some cash

[billytheghillie]

What or where is the best bank, building society etc. to invest about 50k. Currently in Bank of Scotland and it only makes about  £20 a year interest. Thanks.

[Fargo]

None sadly.

Better to invest another way - I bought and sold mobile homes on parks and did ok.

If you want play safe then premium bonds is a good shout.

If I had money and could wind the clock back 15-20 years I’d of bought apartments in Budapest . Italian friends of mine did and sat on them and did exceedingly well out of them

[Keith 66]

Premium bonds are good, up to 50k for one person, If you max out you will win every month. Its worth shifting savings about , I recently transfered a **** poor interest isa to nationwide, even though i paid a penalty to close it i was quids in as the increased interest more than made up for the penalty.

[TOPGUN749]

Premium bonds can be ok,I have averaged 2.9% wins so far this year,but it was only 1.1% last year. Even with the maximum investment you can still win nothing some months.4% bonds now over 2 years at Nationwide.Everything is too low now compared with price rises,it’s a lose situation on savings!

[ditchman]

premium bonds..ive had max for 2 years now and have won every mth 'cept 2 mths..£175 last mth....£25 before that ...£150 before that....

[RyanMc]

Gold/precious metals isnt a bad area. Made c. £450 in 8 months. Best to diversify a little, precious metals, ISA, bonds etc.

[Spr1985]

I’d take advice from a decent financial advisor that knows stocks and shares, and invest it that way. You have to understand that they can go up and down etc and work out the best places to put the money, but it’s nice when dividend payments come in (some quarterly some bi-annually) I recently moved on some shares and re invested elsewhere taking an 11% profit on the sale more than the 11% if you include dividend payments. The wife recently had a bi annual dividend payment circa £350 on a circa £10k holding. Won’t find those figures on any bank account that I’ve heard of. 

[matone]

Premium Bonds. Stocks/shares related investments IF you want to take risks.........

Edited May 8, 2023 by matone

[Rim Fire]

Premium bonds if you don't want to take a risk got the max and very rarely don't win  

[Dave at kelton]

That amount of money take advice. Not just a matter of interest but how long you want it tied up for.

[twenty]

2 minutes ago, Dave at kelton said:

That amount of money take advice. Not just a matter of interest but how long you want it tied up for.

Good advice, ( to take advice).

Nationwide currently have  1 or 2 year ISA's at 4.10% and 4.30% ,(max £20,000) or 1 year fixed rate bonds at 4.10%, (unlimited deposit, no withdrawals ). 

[TOPGUN749]

8 hours ago, ditchman said:

premium bonds..ive had max for 2 years now and have won every mth 'cept 2 mths..£175 last mth....£25 before that ...£150 before that....

Sounds like you’re getting similar results to me! You are averaging 2.8% return,but sadly inflation is 4 times as much so in reality we are losing about £4,000 a year on our £50,000 investment.

[JohnfromUK]

39 minutes ago, Dave at kelton said:

That amount of money take advice. Not just a matter of interest but how long you want it tied up for.

This /\.

Key things to mention when seeking advice are;

1. What is the timescale you envisage?
2. Is the timescale 'flexible'?
3. Are you likely to want to withdraw as a lump sum - or 'a bit at a time'?
4. Your tax position/considerations

Reasons for above;

1. There are low risk accounts that tie up money for fixed periods.  If you can't live with that - rule those out.  You can currently get 'instant access' accounts at a little over 3%.
2. Things like shares, gold etc can go up and down - and if you HAVE to withdraw at a fixed time - that is quite a big risk, but if you can wait if necessary - can be a good investment.  Note that Capital Gains Tax (CGT) annual allowances are falling and may be relevant (see below).
3. Some investment accounts limit the number of withdrawals you can make (e.g. no more than X per year) - and usually offer a bit more for that restriction
4. ISA can be a good shell for stocks and shares due to it's tax concessions, but you can only 'add' £20K in each tax year.  Note that Capital Gains Tax (CGT) allowance (i.e. how much gain you can make before paying tax) is coming down - was £12K last year, now £6K this tax year and will be only £3K in 2024/5.  This means that gains on £50K investment in shares may incur CGT if they do reasonably.  The CGT rate you pay depends on your other tax affairs.  ISA is free of both CGT and income tax on any dividends.

[team tractor]

Chase is 3.1% currently. £3 a month on a grand . . 
50,000 is £1550 a year isn’t it ? 

I’ve heard loads of good things about them and it’s 1% on current accounts 

[JTaylor91]

HSBC currently offer 4% fixed rate for a year or 4.1% for 2 years. A bonus could be is once you have 50k or more in savings you qualify for a premier current account with a few benefits like travel insurance. Depends if you need to have access to the cash. 

[samboy]

I'm an old boy so i'm spending my money before i rub out.

[Wilts#Dave]

The tax implications are one of the biggest considerations when you’ve got larger sums…..as already mentioned, ISA’s are a good place to stash some of your cash that you’ll not get taxed on any interest made so a good place to start. 
fixed rate savings gives reasonable returns with no risk, but again look at what you might have to pay in tax on the interest! 
Doesn’t seem like they want anyone to have any money without being penalised 🤷🏽😂

[humperdingle]

Premium Bonds would be a reasonable place to put £50k, at least until savings interest rates pick up.

You have the chance to win a few “prizes” and the money is still easily accessible if you need it in a hurry.

[Arley]

With a similar amount of money i have done my own, my Wifes and also the kids ISAa all at 4.10% with Nationwide Building Society 

Also committed for fixed rate 1 year bonds for the wife and Kids at 4.0% with local building society but not for myself at 40% tax!!!!!

 

[rimfire4969]

My wife and I have the maximum with Premium Bonds as most have said safe and not a terrible return and the chance of a big win. My Wife got around 4% last year I got 2.4%. Always exciting getting the email to say you have won and the anticipation waiting for it to load to be informed you won £25! 

Edit to add: We also move money to different accounts as they offer better returns and have no loyalty to any bank or building society.

Edited May 8, 2023 by rimfire4969

[old man]

3 hours ago, team tractor said:

Chase is 3.1% currently. £3 a month on a grand . . 
50,000 is £1550 a year isn’t it ? 

I’ve heard loads of good things about them and it’s 1% on current accounts 

Maybe be aware of the access they require to your bank account?

[team tractor]

2 minutes ago, old man said:

Maybe be aware of the access they require to your bank account?

I’m lost sorry  
it’s just a normal internet banking 

[30-6]

4 of my family jointly have 30k in premium bonds. All prizes go to family meals out when we feel like a get together 6 adults and 3 kids. We've had between 1st January to 31st December £900 our best year. We've had £500 twice, but usually get something each month. BUT, last 2 months nothing.

[harrycatcat1]

5 hours ago, samboy said:

I'm an old boy so i'm spending my money before i rub out.

Best idea yet 👌 👏 

[ditchman]

1 hour ago, harrycatcat1 said:

Best idea yet 👌 👏 

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