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For short term, it's high interest or Cash ISA.
I don't think that's correct - I have £4k sitting doing nothing in a Freetrade account and I'm getting £12.74 per month in interest for it, you're paying for their ''Plus membership'' - includes a stocks and shares ISA and SIPP, plan yearly though to get it for £95.88, the ''Basic membership'', which is their free one, only pays 1% on up to £1k - does not includes a stocks and shares ISA nor SIPP, and their ''Standard membership'' - which comes with a stocks and shares ISA though no SIPP, which is their middle tier membership pays out 3% on up to a maximum of £2k. I'm just reading the figures stated in my profiles while trying not to give away the balances or what I have in my trading accounts, savings accounts, cash ISA, and stocks and shares ISA, I'm not capable of doing anything more at the moment as I'm still recovering from last night. 4.5% is not bad, I'm personally getting paid interest daily on my cash ISA at 6.5% per day, sometimes the higher interest rate is not always the best way to go, if I get paid interest daily, I'm making interest on the interest I was paid the day before the very next day, it compounds very fast, if it's paid monthly I have to wait until any interest I've been paid has been sitting in my account for a full calendar month before I will be paid interest on the interest I received the month before, this compounds a lot slower, so you can actually get a better return with an account that pays out a slightly lower interest rate but pays out that interest more often, like daily as opposed to one that has a slightly higher interest rate but pays out interest less often like weekly, monthly - the most common one, or even yearly.
A cash ISA that has no FSCS protection, and is rated as very high risk - it's a peer to peer lending based cash ISA that specialises in property, not to mention it has a cap, as in a maximum balance you can hold with them, and it is in my opinion very low if you consider that you should ideally be adding to your ISAs for life or until retirement - maximum balance I can have in my cash ISA is only £250K which may sound like a lot but is not really when you consider that most people will be paying into their cash ISA for around 40 years before they start to withdraw any cash.
Although that boat may now have sailed…
"Take these three items, some WD-40, a vise grip, and a roll of duct tape. Any man worth his salt can fix almost any problem with this stuff alone." - Walt Kowalski
"Only two things are infinite - the universe, and human stupidity. And I'm not sure about the universe." - Albert Einstein
They are also launching a Cash ISA this month also at 5.2% which has FSCS protection.
https://www.studiowear.co.uk/ -
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Fractional shares and ISAs – HMRC are probably wrong - https://taxpolicy.org.uk/2023/10/12/fraction/