We'd like to remind Forumites to please avoid political debate on the Forum... Read More » This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Inherited Money

amethystcash Posts: 122 Forumite

1 March 2009 at 1:55PM in Savings & investments

We inherited some money at the end of last year - here's what we did with it:

First of all we don't have a mortgage or any debt so we didn't need to use any of it for that.

We split it into 3 and opened the following new accounts:
N/W 6mth bond - 2.6% interest fixed
A&L eSaver Issue 3 - currently 2.45 interest variable
NS&I 1yr Gtd Growth Bond - 3.36% interest fixed

Went for 3 different types of saving as we didn't want to have too much in 1 institution or tie up too much with fixed interest in case by some miracle the interest rates start to go up soon.

Just curious as to what others might have done differently or if anyone has any ideas about how we could better allocate the money now for the A&L funds that we have instant access to or when the bonds mature.

Thanks

MFW Challenge (Tgt Date Nov 07): ACHIEVED FEB 07!
Mthly Savings (Tgt 60% of Inc): Average 41.67% (but we have just paid for a new kitchen!)
Savings Goal £500k (Target Date 50th B'Day Nov 17): 30.41%

This discussion has been closed.

★ ★ ★ Meet your Ambassadors

Confirm your email address to Create Threads and Reply

MSE News

Martin Lewis: Just got a win on hopefully changing hideous council tax debt collection that hurts millions
"Catastrophic" Council Tax debt collection practices – that can see bailiffs at your door within six weeks demanding payment for the whole year despite missing just one month – are to be investigated by the Government. It's a win for MoneySavingExpert.com founder Martin Lewis and his charity the Money and Mental Health Policy Institute (MMHPI) who've campaigned against this rapid escalation.
Martin Lewis: Mobile and broadband mid-contract inflation hikes are BANNED – but there are winners and losers
Inflation-linked broadband, mobile and TV price hikes have been banned. It means some will see bills rise by a specified amount in pounds and pence going forward. However, MoneySavingExpert.com founder Martin Lewis has warned that many WILL still see above-inflation rises in future despite the new rules.
'Catastrophic' Council Tax debt collection practices to be investigated by Government – Martin Lewis says move is 'brilliant news'
"Catastrophic" Council Tax debt collection practices – that can see bailiffs at your door within six weeks demanding payment for the whole year despite missing just one month – are to be investigated by the Government. It's a win for MoneySavingExpert.com founder Martin Lewis and his charity the Money and Mental Health Policy Institute (MMHPI) who've campaigned against this rapid escalation.
MoneySaver's 'unbelievable' £675 refund from Complete Savings – how to check if you can claim too
MoneySaver Ray secured a £675 refund from Complete Savings after reading our warning about the 'cashback with a catch' site's misleading 'click to claim' ads. And Ray's not the only one, as we've been swamped with similar successes.
Origin broadband customer? You'll soon be moved to Utility Warehouse – here's what you need to know
If you're an Origin broadband and home phone customer, you'll soon be automatically transferred to Utility Warehouse – but your service will continue as before and you should keep paying your bills as normal.
Bank of England cuts base rate to 4.25% – here's what it means for your mortgage and savings
The base rate has been cut to 4.25% from 4.5% by the Bank of England. This rate is used by the central bank to charge other banks and lenders when they borrow money, so the move can impact mortgage and savings rates.
Is now a good time to fix your mortgage or should you wait? Brokers answer as rates continue to fall ahead of expected Base Rate cut
Interest rates on fixed mortgage deals have continued to be cut ahead of this week's decision by the Bank of England on whether to change the Base Rate. But will fixed rates move much further – and should you fix now or wait?
Fixed-rate mortgages continue to fall ahead of expected Base Rate cut – so do brokers think now is a good time to fix?
Interest rates on fixed mortgage deals have continued to be cut ahead of this week's decision by the Bank of England on whether to change the Base Rate. But will fixed rates move much further?
Martin Lewis: How to call your bank by dialling just three numbers
How to call your bank by dialling just three numbers… simply dial 1-5-9. Then you know it's legit. Watch MoneySavingExpert.com founder Martin Lewis' video below, which explains it. And please share – the more people know, the fewer will be scammed.

View All

Inherited Money

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free