Total risk free investment.

[Imtoooldforallthis]

If you had a large amount of savings and didn't want any risk what would you do with it £50k plus.

Find a financial advisor and have a meeting!

Premium bonds - no risk

@SomeoneInTheLaaaaaounge

Premium bonds - no risk

Inflation risk

Already got some premium bonds. But will put the max in. OH dislikes financial advisors at minute it's sat in a savings account.

Near to retirement so don't want to invest long term

No! A financial adviser will cost you money and try to sell you a product. Advice is fine if you want to take some risk, but for the lowest possible risk my choice would be

Premium Bonds ( backed by the government)
£20k in a cash ISA ( you can do this now and again with another £20k after 6th April) safe up to £85k per provider (this limit might have been adjusted based on £/€ exchange rate)
Check Money saving expert for best rates for ISAs and saving accounts

And if you have any debt or mortgage, pay it off - secures your asset and is risk free

Thanks that's the advice I'm after.

a none share based ISA?

"Near to retirement" so often is taken to mean, so I need my savings available. But actually, what you need to consider, carefully, is what you want those savings to be for in your retirement. There is a difference between money you will use to fund a gap between retiring and state pension age, money earmarked for a big holiday, or money that you hope to use to top up your pension(s) long term.

Some or all money for the latter purpose needs to remain invested in things with a longer term horizon than the start of your retirement. Fixed term investments can be an option but you need to take a view on inflation risk. Having said that, a quick google of ten year bonds has led to evidence of fixed term (not out to 10 years though!) investments above 2.5 % existing at present, which may be appropriate for a portion of your savings.

Especially if retiring early, you ideally want to retain some investments in shares with a long horizon in the hope of still having a wad to fall back on in 20 or 30 years' time.

Thanks for that info. Im not sure if I can explain myself properly but leaving full time businesses, then looking to get maybe part time jobs for beer money. Planning to travel but DGC and elderly parents will hamper that to a degree at the moment. My DH has an inherent distrust of any investments. My FIL who invested over the years lost £1,000s on stock and shares in his retirement when he needed it the most. . I don't know the details but he knew what he was doing (or thought so). So we are looking for somewhere safe. I think we will invest max in premium bonds and cash isas for now.

So either premium bonds or a cash ISA and you know you’ll be losing a bit anyway as they don’t keep up with inflation.

If you’ve got a mortgage, then you’d be better off paying that down.

Any investment will have an element of risk. However, some funds are quite low risk + you further minimise it by feeding in the money gradually and spreading it across several funds.

Read meaningful money book / blog

If you’ve paid tax this year, then I’d put it in a pension, either existing or new one.

If you’re close to retirement the added tax divided over the intervening years is probably equivalent to a pretty good APR, and you can draw down some tax free at point if retirement.

Investing, speculating, gambling. I expect your FIL had investments that would be in the middle or later category e.g single company shares. A very different proposition to fund investments.

www.moneysavingexpert.com/savings/best-financial-advisers/

Premium bonds, we have over 150k in premium bond accounts, 50k in each we usually win at least £25-150 per month for each account, we did win £500 one month. We have stocks and shares isa's (obviously there is a risk with these). Over pay your mortgage, so aim to be mortgage free

As you can only have £50k, how does that work @Bakingcupcake

As i said above 50k in each acc!!

@Weirdlynormal

As you can only have £50k, how does that work *@Bakingcupcake*

As i said above 50k in each! You can only have one account per person, there are 4 people in our household, we have over 150k invested thats how

@Bakingcupcake Not many people put £50k in another persons name, that’s not a no risk investment for a myriad of reasons. When offering ‘advice’ surely clarity is more helpful?

[quote Weirdlynormal]@Bakingcupcake Not many people put £50k in another persons name, that’s not a no risk investment for a myriad of reasons. When offering ‘advice’ surely clarity is more helpful? [/quote]
2 adults 2 children all with premium bonds??? Whats odd about that??

As the tax rules prohibit using children’s names to hold parental assets, plenty. If the children are adults, plenty.

@Bakingcupcake I’m a bit of a pedant when it comes to tax avoidance though. I like the stuff my taxes pay for. Minor dodge, but a dodge. It’s not ‘normal’ as you are pretending to have gifted money when you haven’t. There is a £50k limit for a reason, you’re breaking the rules and now denying you understand that. I’m pointing it out.

Who said they were parental assets, we have 2 bonds accounts, myself and husband, our children have their own each...its their savings...sorry for being savvy and ensuring our children are set up for their futures!!! They also have isa's each, as do we!!!

I second putting it in a dc pension if you are a taxpayer and nearing retirement. You will get an immediate uplift of tax. So if you’ve paid enough tax over the past 3 years at the basic rate, it would be immediately boosted from £50,000 to £62500. More if you are a higher rate taxpayer. You will have to pay tax on 75% of it when you draw it down but you may not be a taxpayer in retirement.

Depends on your circumstances but food for thought anyway.