Any Ideas on what to do with £15k?

mrdoran

I have recently inherited £25k, after paying debts of £10k off I am left with £15k. I would be greatful if anyone has any interesting ideas on where I could put this money. I'm not looking to invest just save but am not sure what the best options for me are.

Any help would be much appreciated, thankyou in advance.

advent1122

You could put it in my bank account if you want.

Mr._H_2

1.) £3000 into an NS&I cash ISA (pays 5.3% AER)
2.) £11,500 into Bank of Scotland "instant access savings account reward" (pays 5.25% AER on balances > £5000)
3.) Open A&L premier current account to gain access to premier regular saver that pays 12% AER
4.) Open Lloyds TSB current account to gain access to regular saver that pays 8% AER

The Bank of Scotland savings account allows standing orders to multiple different accounts, so you can fund your A&L current account (which will then fund the A&L regular saver) with £250 a month and the Lloyds TSB regular saver with £250 a month. You will note £500 is missing from the numbered list above. This should be used as the opening payment for the Lloyds TSB regular saver (the opening payment is in addition to the first regular monthly payment of £250).

The A&L regular saver will close after a year, and the interest rate on the Bank Of Scotland savings account probably won't be competitive then. Pay £3000 into an ISA, and move the rest of the money into the best instant-access savings account on the market at the time. Continue to fund the Lloyds regular saver with £250 a month. When the Lloyds regular saver is approaching closure (after one more year, i.e. two years from opening) start looking for new high-interest regular savers. If they aren't still around then, consider using a bond instead.

h4x3r

i would buy a computer

Mr._H_2

h4x3r wrote:

i would buy a computer

'Cos we all know what great investments they are! Is there anything that depreciates quicker? I'm going to guess that since the original post was made at 22:44 that this guy already has a computer.