Help where do I go from here?

Classic_chic

:confused:
I have recently become a widow. My job comes to an end in August I might be able to get job but at my age it may not be as easy as it could be.The savings game seems to be like a maze. I would like to start a savings account with a lump sum of £20,000 (Life Insurance received). Could you tell me what would be the best option for me. Advice welcome.

Farway

Savings accounts, what do you need, instant access, on line access or just local branch over the counter?

If you do not have one already then a mini cash ISA is the first step.
You can only put £3000 in per tax year, so 3K in there

One of the best at present is National Savings Direct on line
http://www.nsandi.com/products/disa/index.jsp which pays 6.05 tax free

The other 17K, without being rude would you perhaps qualify as Silver saver?, normally over 60 but some are less

The Silver Saver type of account often pays more in interest [one advantage of being a baby boomer]

They do vary, again an easy one is the Market Harborough Silver Surfer [over 60] which is 5.45 but due to increase following BOE increase
http://www.mhbs.co.uk/asp/article.asp?articleid=1407&sectionid=5

Others may be marginally more or less, I only mention these two beacuase after much searching around I settled on them as easy and hassle free, but do watch out for bonus headline rates which will vanish and leave you to move your money around again

I have no experience of them, but Northern Rock also have good record AFAIK in this respect