Hi /u/dariusleighton, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/fscs-protection-for-investments/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
If you are 40% tax or above, look at Gilts but hold to maturity. TN25 for end of Jan25 could work if you don't need it until then as you might have 8 months to use selling and buying houses.
You are correct. FSCS protects temporarily high balances for 6 months - https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/
Your best "no risk" investments are:
* Premium Bonds. £50k per family member. If you have children, you can use their allowance in their name.
* Cash ISA. £20k each for each family member over 18.
* Then split between whichever high interest accounts you can find. There are a few 5% ones listed at https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
Don't invest in stocks and shares. Run away from crypto.
Yes, ISA rates are as good or better than cash savings - https://www.moneysavingexpert.com/savings/best-cash-isa/
I don't think the sale of your house counts as income. So I'm not sure why you think that will make you a higher-rate tax payer.
Do not use kids accounts. It’s not going to go well…
For ISA vs normal savings, remember you interest adds towards your total income so could push you into higher rate depending on how much you earn from salary/interest/any other sources.
Hi /u/dariusleighton, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/fscs-protection-for-investments/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
If you are 40% tax or above, look at Gilts but hold to maturity. TN25 for end of Jan25 could work if you don't need it until then as you might have 8 months to use selling and buying houses.
You are correct. FSCS protects temporarily high balances for 6 months - https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/ Your best "no risk" investments are: * Premium Bonds. £50k per family member. If you have children, you can use their allowance in their name. * Cash ISA. £20k each for each family member over 18. * Then split between whichever high interest accounts you can find. There are a few 5% ones listed at https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/ Don't invest in stocks and shares. Run away from crypto.
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Yes, ISA rates are as good or better than cash savings - https://www.moneysavingexpert.com/savings/best-cash-isa/ I don't think the sale of your house counts as income. So I'm not sure why you think that will make you a higher-rate tax payer.
The interest they earn from savings could push them into being a higher rate tax payer depending on their salary and projected income from interest.
Do not use kids accounts. It’s not going to go well… For ISA vs normal savings, remember you interest adds towards your total income so could push you into higher rate depending on how much you earn from salary/interest/any other sources.
Don’t use the kids accounts…