Damien Fahy, founder of moneytothemasses.com, says you can spread your risk by investing in a fund of bonds using your tax- free Isa allowance.

Higher-rate taxpayers should remember they can invest £15,240 in tax-freeIsas each year -in either cash or shares.

Withdraw the money slowly so that you minimise the tax paid, and then park the money you have taken out into a tax- free Isa.

If you are yet to use this year's tax- free Isa allowance (of up to £5,640) the Coventry building society is the place to go.