45k money from reduduncy

mrbg07546

My mother has recently been made redudent due to a mutual agreement, she recieves a 45k payment next week, and a yearly allownace of 8k.

how should she save this 45k?

i know first 3k or so in a ISA, what about the rest?

we may need funds this summer or next summer so need at least around 2 months notice to access the funds

advice please

kind regards

prudentsaving42

Pay off all debts (loans, credit cards) that incur interest higher than savings (after tax). Put £3,600 in the top paying ISA, put £41,400 (up to a maximum of £50,000 per institution) in the top paying no-notice savings account.

Hope your mum finds a job soon if she is looking for one.