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One straightforward strategy is activating the interest on cash feature, which offers a competitive rate of 5.2%. Note that this rate will decrease to 5% after the Bank of England adjusts its base rate. To activate this feature, click on the three dashes in the bottom right corner and select interest on cash. You may hold your funds in low-risk money market funds or bank deposits, but remember that money market funds carry certain risks.
2. Utilize a Cash ISA
Switching to a cash ISA can provide you with interest while safeguarding your funds under the Financial Services Compensation Scheme (FSCS) up to £85,000. Currently, cash ISAs are yielding 5.2%, tax-free, with an annual contribution limit of £20,000.