Best savings account

[Drawweight]

I’ve got £90k in a stocks and shares ISA run by a IFA supposedly low risk but it’s losing money at a rate uncomfortable to me. I accept it’s a bad time for the stock market of course.

This will be used to top up my wife and I’s state pensions to a decent level in a couple of years. We’re both retired now but using other money just now so this won’t be used for a couple of years.

Is there somewhere that will give a positive return on this money and will there be costs in accessing and transferring this money?

I really just want somewhere where it’s not losing value. At the rate it’s going just now I’d be as well keeping it under the mattress.

[anonymous-user]

Thinking of putting some cash aside now with the increase in interest rates. Any recommendations.

[hyperblue]

https://www.pistonheads.com/gassing/topic.asp?h=0&...

[bitchstewie]

Fully appreciate you may just want to use a savings product instead of an investment product but do you know what you're invested in and what the fees are?

[Armitage.Shanks]

You don't mention how long you want to tie it up? 2yr and 3-yr deals are offering 5.8%.

https://www.moneysavingexpert.com/savings/savings-...

OK they might be banks you've never heard of but in all cases they're covered by the FSCS up to £85k.

My wife tends to go for the monthly interest payments as she is a non taxpayer and whilst we are debate all day the savings v return is being eroded by inflation a couple of those accounts to the FSCS limit keeps her happy.

[Jawls]

Drawweight said:

I’ve got £90k in a stocks and shares ISA run by a IFA supposedly low risk but it’s losing money at a rate uncomfortable to me. I accept it’s a bad time for the stock market of course.

This will be used to top up my wife and I’s state pensions to a decent level in a couple of years. We’re both retired now but using other money just now so this won’t be used for a couple of years.

Is there somewhere that will give a positive return on this money and will there be costs in accessing and transferring this money?

I really just want somewhere where it’s not losing value. At the rate it’s going just now I’d be as well keeping it under the mattress.

If you want zero risk of capital loss, then your only choice is a savings account. Look on money saving expert for whatever the best rates are now.

Re: your stocks and shares ISA. You need to understand what you’re invested in, so that any volatility is not unexpected. It is not wise, imo, to outsource everything to an IFA.

If it’s been losing money consistent despite being advertised as low risk, I’d assume it’s got bonds of medium long direction and so is getting hosed by rate rises.

[C69]

Bear in mind that even the best savings account is going to lose value in real terms at the moment, thanks to inflation. The situation might improve over the next couple of years, but it might not.

Out of curiosity, when did you open the S&S ISA, and what is your IFA saying?