1. Don’t forget about National Savings products. Premium Bonds and their Direct Saver and Direct ISA accounts are competitive and also not subject to the usual £75,000 maximum protection (per banking group).
2. Investment bonds allow for taking withdrawals each year of 5% of the original investment, and these are not treated as income and do not have to be declared in tax returns.
Note: this is possible for up to 20 years and then the overall return from the investment bond is subject to possible capital gains tax.
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