Money from Divorce - Do I put under the mattress!

Bitofsteak

Hi, I have just recently divorced and will receive the equity from the house - £55,000

Not sure what and where to put it, £25,000 in a fixed term bond, £25,000 in a high street building society and £3,600 in an ISA? ... or just put it under the mattess!

One minute I hear that the high street banks and building societies are rubbish and then I hear that they are ok. I do not however want to put all my eggs in one basket!

Have looked on website's and and money saving expert but would like opinions from other people.

Bit of steak

G_M

1)Start with an ISA as it's tax free (unless you are a non-tax-payer anyway).

2)Don't put more than £50K (£49K to allow for interest growth) in any one institution (note - some banks are part of the same 'institution').

3)Don't put it under the matress - I know where you live and will steal it!

4)Fixed term rates are poor now and will stop you benefitting from any rate rises when they finally happen.

5)Banks are fine as long as you remember 2) above

6) Investec will always be near a top payer as it matches the top five paying accounts. See here .

7) this year will be a good year to buy another property as prices are low (but you know that 'cos you just sold one.....!)

wombat42_2

Bitofsteak - yes under the matress will do fine. Don't worry about security because me and the boys offer a free 24/7 security service.