What to do with my money

Danica

I am about to inherit £60,000.
What I would like to know is, what is the best plan of action to bank this money? I would like to have access to £20,000 of it at any time of the day or week but the other £40,000 could be put into some type of saving account. I would like the accounts to give me some perks if at all possiable and would like to know the best accounts and banks to give my money to.
Thanks in advance.

juicyjude

Could you tie the 40K up for a little while. A fixed rate bond may be the way to go, also have you used up all of your ISA allowance for this year? Just my own opinion of course but personally I would give Santander and Nationwide a wide berth. As I said, just my own opinion, others may have different experiences of these providers.

Consumerist

juicyjude wrote: »

C . . . but personally I would give Santander and Nationwide a wide berth.

I agree regarding Santander (includes Alliance & Leicester and also Abbey). They appear to be plotting to make all sorts of hidden charges. If, however, you are very vigilant with your savings, they are offering some of the best deals at the moment.

You pays your money, you takes your chance.

You don't tell us much about your circumstances so it's difficult to be too helpful. If' however, you have any debts then, as a first move, it might be wise to pay them off before thinking about saving.

evenasus

Spammer lorahayeser reported.

Danica

Thanks thus far.

No debits, steady income. Just £40,000 to save and hopefully earn me some perks and interest along the way.
Have been with Santander (formerly Abbey) for well over 30 years and have noticed in the last few years how bad they are getting. Recently entered a branch to close down a deceased's account and got nothing but stress from them complete opposite to the service I got closing same deceased's other account with Lloyds TSB. Quite looking forward to withdrawing the 60k from Santander when it gets paid out and telling them I am closing my account (my working account is going to be with Halifax).
ISA is maxed out for this year.

Primrose

How's your pension and how far are you off retirement age? Could it do with topping up a little?
Do you really need £20K on easy access? If you're got 3 - 6 months emergency money saved, you'll probably get better interest rates on a longer term fix. But if you want to max out on your ISA allowance every year, perhaps split it up into one, two and three year bonds so that a bond matures every year in time to be transferred to your ISA allowance.
I too would recommend giving Santander a wide berth. Their customer service is dreadful and will probably continue to be for ages because they're too busy gazing at their internal navels and sorting out their integration processes with the other businesses they've acquired.