What to do with a lump sum of money?

currantbun

Hi
My dad passed away earlier this year and I have just recieved a payment from his estate. Where is the best place to put this? I want it to be safe and secure, but able to get to some of it fairly easily. I will end up with minimum £20k once his property is sold (hopfully before xmas). Thanks

opinions4u

I'd open a Halifax Web Saver Reward with £50 or more now. It will get pulled soon, so having one available may be beneficial as rates plummet in the next few weeks and this account can get round that.

It pays 5% fixed for a year, allows additional deposits and 4 withdrawals in the year.

When the inheritance comes through, look in to the best available cash ISAs for you (and any partner) to maximise tax free allowances (£3,600 each), review other accounts available and if there's nothing better, put the rest in the Web Saver Reward.

As suggested above, also take the opportunity to review what debts, if any, you have and consider reducing them,.

There are higher paying variable accounts out there but I don't think their rates will hold up for a year.

www.halifax.co.uk/savings

www.moneysupermarket.com/savings to see what else is out there.

currantbun

Am going to pay off last year of car loan which will be about £2k. Don't really want to touch the mortgage at the moment as OH is likely to be made redundant at any moment and it will confuse the redundancy insurance policy we have on it.