Interest Monthly

[Narcisus]

Just looking at British Savings Bonds seems like an dead easy way to put away some cash and have the interest paid montly without a load of messing about.

Interest rate looks OK at 4.07%

Thoughts ?

[C69]

There are other three-year fixed-rate bonds that pay a better rate of interest.

For example, Shawbrook '3 Year Fixed Rate Bond Issue 69' pays 4.61% gross, or RCI 'Fixed Term - 3 Year' pays 4.60% gross. These accounts pay interest monthly, but you'd need to check that they allow the interest to be paid into your current account every month, if that's what you're looking for.

Not sure how much you're planning to save, but the higher interest rates on offer could make a big difference to your income in £ terms. Also be aware of FSCS protection limits (not a factor with NS&I).

[Narcisus]

Cheers yes would like interest monthly and have as little risk as possible.

I’ll look into those there is certainly a lot to learn !

Would they be protected up to 85k each ?

[C69]

Yes, they both have £85k of FSCS protection.

[The Hofff]

Trading212.com would be worth looking in to. Use the Trading212 ISA account

You can buy/sell also shares on it but I only bought £20 worth of Vanguard S&P 500 and left the rest in 'uninvested cash' which gives you 5.02% on cash sitting in your account. Interest is paid daily, withdraw at any point.

Uninvested cash is covered by the £85K FSCS protection

[Narcisus]

Thanks guys I think I have a lot of research to do I’m a bit out of my comfort zone with this stuff which is why the NS&I bonds appealed with everything in one place and I know it’s relatively safe.

[C69]

The Hofff said:

Trading212.com would be worth looking in to. Use the Trading212 ISA account

You can buy/sell also shares on it but I only bought £20 worth of Vanguard S&P 500 and left the rest in 'uninvested cash' which gives you 5.02% on cash sitting in your account. Interest is paid daily, withdraw at any point.

Uninvested cash is covered by the £85K FSCS protection

Might be worth checking the small print. In order to achieve that rate, T212 partly uses qualifying money market funds. If your 'uninvested cash' is sitting in a QMMF, then it's actually invested and it receives no FSCS protection.

I've got nothing against T212 (I have an account with them), but its lack of transparency on this issue is alarming.

OP, please do not treat T212 as an alternative to a savings account.

[Narcisus]

C69 said:

The Hofff said:

Trading212.com would be worth looking in to. Use the Trading212 ISA account

You can buy/sell also shares on it but I only bought £20 worth of Vanguard S&P 500 and left the rest in 'uninvested cash' which gives you 5.02% on cash sitting in your account. Interest is paid daily, withdraw at any point.

Uninvested cash is covered by the £85K FSCS protection

Might be worth checking the small print. In order to achieve that rate, T212 partly uses qualifying money market funds. If your 'uninvested cash' is sitting in a QMMF, then it's actually invested and it receives no FSCS protection.

I've got nothing against T212 (I have an account with them), but its lack of transparency on this issue is alarming.

OP, please do not treat T212 as an alternative to a savings account.

Thanks for that no I’m pretty risk averse !