Nationwide 8%AER or Premium Bonds

[Register1]

Looking to swap £50,000 out of PB and drop it into Nationwide 8%.
Looks like £4,000 a year interest.
Being £333.33 per month.
I didnt get £333.33 for the whole of last year on PB.

I am retired, so no current tax to pay.

WHAT TO DO . . . .

[fat80b]

Doesn’t it depend on what other investments / pensions you have?

And whether you value the “chance” of winning a big one.

But both are good enough options for the cash element of your overall investments

[Mabbs9]

I just had a quick look too but the one I saw was a regular saver that you can only put £200 in per month. Is there one that takes a lump sum transfer? Sounds great if so.

[bompey]

Register1 said:

Looking to swap £50,000 out of PB and drop it into Nationwide 8%.
Looks like £4,000 a year interest.
Being £333.33 per month.
I didnt get £333.33 for the whole of last year on PB.

I am retired, so no current tax to pay.

WHAT TO DO . . . .

There’ll be a catch as that sounds too good to be true.

[greygoose]

Mabbs9 said:

I just had a quick look too but the one I saw was a regular saver that you can only put £200 in per month. Is there one that takes a lump sum transfer? Sounds great if so.

Agreed looks like only this account pays 8% and only £200 per month can be put in.

[Jawls]

As mentioned by others, that Nationwide regular saver won’t be suitable for the entire £50k.

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

Your simplest alternative to premium bonds is an easy access bank accounts. That will get you approx 5% (see money saving expert link for precise accounts). That’s £2500 a year interest so nothing to be sniffed at.

If you want marginally more, you could drip feed into regular savers at the same time.

I’ve assumed no tax to pay since that’s what you’ve stated.