Where would you put 50k savings right now?

[toomanyjellyfish]

With easy access but it'll probably sit for a year before it gets used (though I need to know I can access it if necessary)

Thanks for any financial tips!

You can put £20k a year into an ISA and invest in something's safe like a global tracker tax free. The value will be more volatile than a savings account but much better returns over time.

Do you need to be able to access all £50k within a year?
I would probably put £20k in a 1 year fixed ISA (eg co-op 5.9%). You can withdraw and just lose some interest so depends on how likely you may need to withdraw.
Then the other 30k I think I would put in premium bonds so can get on very short notice but with a chance of something exciting!
I personally wouldn’t put in a S&S ISA at the moment as if you want immediate access (or access in a short time) I think it’s a bit risky. My S&S ISAs have been rubbish recently.

Agree with @CuriousGeorge80

Is this your only savings?

What rate taxpayer are you?

Have you used your ISA allowance this year?

Do you have a partner you are willing to split the money with to maximise tax and interest allowances?

What scenario do you have in mind for needing to access it? A small amount to replace white goods, a medium amount to replace a car, or all of it to use as a house deposit or similar?

For the best return, the answer would vary slightly depending on the answers to the above questions.

Eg, if you don't expect to need all of it, but might want to access some of it, you have a trustworthy spouse and neither of you have used your ISA allowances this year, the best return would probably be if you both put £20k in a one year fixed rate ISA and then you put the other £10k in the best instant access account you can find, which should pay around 5%.

But if you answer no to any of the above questions, then you can't do this.

Co-op 1 year fixed isa is 5.59% not 5.9%

So it's my house deposit. I am currently renting but want to delay buying for a short while as I am going to totally relocate. I need to know that in a dire emergency, I could access it but it'll probably be 12 months plus before I need it. I'm not on the higher tax amount, no other isas etc

I have around 3k in premium bonds

Put 20K in a Cash ISA, the rest in a high rate interest account. Then in the new tax year, move another 20K to a cash ISA. The remaining 10 stays in the interest account.

This is not good advice. A global tracker is not ‘safe’ in any sense and there is a not-insignificant chance your £50k would be worth less in 1 year than what it is worth today.

Skipton building soc have a fixed account at a good rate.
Tandem instant as much as you like access also good.
Loughborough building soc also have a good one year limited access account.
Each of these are over 5%.

High interest fixed rate account for a year. Make sure you can withdraw in emergency (usually can but forfeit some of the interest)Try nationwide and Kent reliance.
put some in premium bonds (max £50,000) they seem to be paying out higher amounts more frequently now. Just had good win.
Def not stocks snd shares isa as not good atm and only really for long term

Chip instant access has a 4.84% rate.

Sorry but this is terrible advice. The OP has given a timescale of roughly 12 months. A global tracker fund isn't 'safe' and certainly isn't over a year.

OP DO NOT DO THIS unless you are happy to accept the risk of your money taking a potential downturn (20%+ isn't that uncommon over short periods)

£50K is the maximum you can hold in premium bonds. At the moment the return is good, especially if you hold the maximum, and its tax free. I would put £47k into premium bonds, taking you up to the max. Then open a cash isa with the remaining £3k and put all my pb winnings into the isa every month. I would avoid stock market investments like the plague as you are saving for the short term, and with Ukraine and Middle East kicking off you need your money to be safe. If Iran and others join in against Israel, oil prices will rocket making economies around the world wobble.

To understand possible return what kind of amounts have people got in premium bonds and what are the winnings over a 12mth period?

The return on Premium Bonds is only good if you have average or higher than average luck. There’s plenty of folks with full holdings on the PB’s threads who say they get shit returns and have moved their money to ISA’s and other accounts that have guaranteed decent returns.

I’d also recommend Chip, but would also recommend putting in some more in Premium Bonds, maybe 10K (mainly because of the fun aspect), 20K in a fixed ISA for a year and 20K in a Chip account.

NatWest hve a savings account which is currently 5.69% I would just stick if there for a year. Easy and guaranteed

I'd put in an easy access savings of around 5% or a notice account.

My PBs used to give a good comparative return when interest rates were lower but a poor comparison now. My £50k need to win nearly £250 a month to earn their keep and they're not. But, if you're going to need fairly quick access then they're a good gamble - your capital is safe and there's always the chance of a bigger win.

I’d do 20k in a fixed rate isa and then split the rest between premium bonds and a fixed rate bond. Assuming you know roughly when you want the money back out again.

You can earn £1000 interest tax free if you’re a basic rate tax payer. 20k at 5% would pay this. Premium bonds and isa are tax free.

In my experience we’ve made less than we would in a fixed rate bond with the premium bonds. However it is tax free and easy access and there’s always the possibility (hasn’t happened yet!) we’ll win a big prize.

Be careful about putting it all in a savings account that isn't an ISA. At 5% interest rate you would make £2,500 interest. You will get taxed on that, on £1500 of it at 20% or £2000 at 40%, depending which tax bracket you are in.

If you haven't maxed out this year's £20,000 ISA allowance I'd put £20,000 into a 1 year cash ISA. Much less volatile than a S&S ISA given you will need it in a year or so's time.

If you're a 20% rate taxpayer, you can put £20,000 into a non-ISA account with a 5% interest rate and make about £1000 interest, so up to your tax free limit. If you're a 40% rate taxpayer, you can only put in £10,000 here (£500 interest).

I'd then probably put the rest - either £10,000 or £20,000 depending on the above - into premium bonds.