£30,000 inheritance - sitting in a bank

mosmof

hello all!

for a few months now, i've had almost £30,000 sitting in a bank account earning interest of around 90p a month - not that much!

i would like to put it away for a few years, but im not sure what the best deal is. i've seen santander give £1k for every £12k you put in, which is a three year commitment - it sounds really good.

thank you for the replies

atush

It would all depend on your circumstances.

Do you pay tax? What rate? Do you have a pension? Mtg? Debt?

Whatever you decide, I'd open and easy access savings acct today and put the money there so at least it is earning something. But in the longer term, you should pay off all non mtg debt, have savings that cover 6 months salary/spending in cash-EA or short terms deposits for emergencies, and have it is tax efficient vehicles such as ISAs if you are a taxpayer.

Then think of pensions and equity investments for the longer term/retirement again in tax efficient vehicles if a taxpayer.

AS for santander, lots here say they have probelms with their customer service- I don't know as i don't use them.