new to saving and have inheritance

jojo-73

Hi, Im due to get an inheritance soon and need advice as to which account would be best for it. I need access to it as and when and obv would like it to generate interest. Thanks

ViolaLass

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

FLAPJACK

Hi,

As you say you need access to the sum then really you are looking at Current A/cs that pay good interest.

For example you can open three Vantage A/cs with lloyds (upto 5k in each) and get 3% gross....just filter 1k from one to another once a month is the only requirement.

TSB have exactly the same set up, as do Santander (up to 20k in their case).

Savings accounts will not pay 3% for easy access.

atush

Pay off debt, set up an emergency easy access cash fund.

Then put away some more cash for short-medium term needs.

Then/or at the same time as above, open a pension, boost a current one.

then S&S isas.

getmore4less

if you don't need instant access but just access to spend now and then premium bonds can work

eskbanker

How much is the inheritance? It's likely to be different answers for £5K, £50K, £500K....

Archi_Bald

eskbanker wrote: »

How much is the inheritance? It's likely to be different answers for £5K, £50K, £500K....

Plus...

what, if any, are the debts of the heir?
what, if any, is the mortgage of the heir and what is the interest rate?
what, if any is the tax rate of the heir?
what, if any, are the commitments of the heir to dependents?
what, if any, are the pension provisions of the heir?
what, if any other, investments and savings does the heir have already?
what plans, if any, does the heir have to spend the inheritance?

Plus, what is the size of the estate - is any inheritance tax due, and if so, what's left after tax?

jojo-73

Thanks for the responses I wont be able to transfer month to month. I need it all in one place. The vast majority wouldnt be touched. There's no inheritance tax etc its a simple house sale and the proceeds split 3 ways so approx 35k. I will use 5k straight away and then the rest not touched for maybe a yr. After that id only use a small amount as its for my kids. So for the time being I need to be in and out of it.

eskbanker

jojo-73 wrote: »

I wont be able to transfer month to month. I need it all in one place.

Those two constraints (plus the need for easy access) rule out the options that give the best interest so you're really just left with the traditional savings accounts in the link at post #2

Eco_Miser

jojo-73 wrote: »

I wont be able to transfer month to month. I need it all in one place.

Why? If having two or three accounts gives significantly more interest than a single account, why wouldn't you do that?