Remember if you buy an UK GILT below it’s issue price (£100) and hold to maturity you will not lose any of your hard earned.

The alternative for a rainy day fund is a Money Market fund where you would currently earn more than the Gross Redemption yield of 3.75%.

But if you want to sleep soundly at night and not worry about interest rates, an option for your Snowball.

The other option to lower your risk is to pair trade with a higher yielder, where currently a Trust like SEIT would reward you strategy.