advice needed for newbie

gratomlin

:huh:
i'm due to get about £50,000 from my father, i intend to pay off my mortgage and a few other minor bills leaving me about £15,000 to invest, i'm looking for somewhere to place my lump sum but want to add to it by about £500 a month, i dont want to touch it for at least 3 years i just want to let it accumulate, can anyone offer me some advice.
many thanks in advance to anyone who offers advice

masonic

I'd look at fixed term accounts for the lump sum and a regular saver account for the monthly contributions. You'll earn more interest that way than if you have a single savings account that does everything you want.

Edit: Also, you can put the first £5100 into an ISA to get your interest tax free, so that's 3 accounts in total.

gratomlin

thank you masonic for your advice, its much appreciated