Quarter of a million if it was tax free.
Quarter of a million if it was tax free.
My mum and Stepdad have a decent chunk in premium bonds (30-50k or something) and usually win a couple of hundred every other month which seems decent enough. I'm sure they could get more putting it into something more sophisticated but it's not too shabby.
I have shit tons in premium bonds. Win a few quid most months. Can't go wrong. It's also improved its payouts twice already this year (to compete with interest rates).
I really wish I got into Saving Certificates before they pulled the plug on those. The interest on those were daft.
There's loads of savings accounts (some of them easy access too) knocking about in the 5.5-6.1% range now. I've opened a few in the last few weeks (including a Skipton one which gives me 7.5% if I deposit something in it every month) and I'm thinking it might be more beneficial to load these up rather than overpay on the mortgage if there continues to be a >1% difference in rates longer term.
Aye, I spotted that Skipton one. If I wasn't in house deposit mode, I'd dump stuff into that for a year.
It's just shifting mentality for me. I wasn't of adult age the last time savings rates were like this and I've worked out that if I save my overpayment amount every year instead, I could clear the balance of the mortgage at the same point as the overpayments would and have £30k left over. Obviously anything can happen down the line but right now it seems logical.