What to do with this money?

Feanor

Hi all,

I'd really appreciate some advice please. I have a cheque here for £15,000 inheritence, and i am due to get another £20-£25,000 after the house sale. Once i have paid off debts i will have about £10,000 to keep until we want to buy a house early next year. I dont know where to put it. I guess £3,000 in my ISA (not sure of the interest rate i get though). But what about the other 7k?

I dont know when i will get the other 20-25k, and i have no idea what to do with that until i want to use half of it for a house deposit.

Any advice would really be appreciated. Shouls i see a professional financial advisor? Im 24, work full time so its a little difficult!

Thanks to anyone who replies.

cheerfulcat

Hi, Feanor,

If you are planning to use the money in the near future then the only place for it is a cash deposit account.

Slubberd

ING Direct offer a high interest account that you can open with a quid and move money out of without incurring any penalties.

Have you thought about one of those short term high interest account that high street banks offer to get your money in the door? I know that there are limits to what you can put in but I sure if you shop around you can choose wisely. They offer these temporary increases to get you in but that would suit you down to the ground.

Martin recommends
http://www.alliance-leicester.co.uk/savings/index.asp?page=dsaver&ct=savingshome

Good luck!