To NISA or not to NISA?

Positive1

As a low-income, non tax-payer at the moment, I've been left some money and would love to know how best to invest it or save it in view of the current low interest rates.

Many thanks.

Your_Hero

Whatever pays you the most interest. Since you are a non tax payer you receive the interest gross. And the Budget will be introducing an effective £15,000 tax free allowance (including savings interest) from April 2015 so you will be fine.

Eco_Miser

As for which accounts will pay you most interest (5%) see this article but forget about cash (N)ISAs, they're currently hardly worth it for higher rate payers, and are useless for non-taxpayers. You could consider a Stocks and Shares ISA if your inheritance is big enough.

Archi_Bald

Positive1 wrote: »

As a low-income, non tax-payer at the moment, I've been left some money and would love to know how best to invest it or save it in view of the current low interest rates.

You really need to provide some more information to put everything in context, and to explain your requirements. How much are we talking about? How old are you? When, if ever, do you expect to become a taxpayer again? What are your pension provisions? When do you expect to need how much of the inheritance? What if any debts, incl mortgage, do you have? What interest rates do any debts attract, what are the penalties for early repayment? What is your attitude to risk - i.e. how much of the money could you afford to lose, what would keep you awake at night etc.