Where to invest 2 £30000

Carolinemjs

I am 63, receive state pension of £119.00 and earn a small amount each week £50 ish. My partner died recently and I am the sole owner of our mortgage free home worth around £350,000
My income each month is around £1000 short of my outgoings and the capital my partner left me was intended to make up this shortfall for as long as possible.
I have about £18,000 invested in a Metlife Protected Growth bond which I've had for 4 years and is doing nothing:(
Just opened a Santander 123 account with £20,000 and 2 TSB accounts with £2000 in each at 5% interest, I have £15,000 in a 5 year ISA with Leeds BS. I have sufficient in reserve to get me through the next 12 months so what can I do with the remaining £30,000. I don't want it just to be eaten away totally by inflation.

Caroline

MarkFromCornwall

A second Santander 123 account will take care of another £20,000.

badger09

MarkFromMullion wrote: »

A second Santander 123 account will take care of another £20,000.

True, but limited to 1 sole and 1 joint, so probably not relevant to OP.

badger09

Carolinemjs wrote: »

I am 63, receive state pension of £119.00 and earn a small amount each week £50 ish. My partner died recently and I am the sole owner of our mortgage free home worth around £350,000
My income each month is around £1000 short of my outgoings and the capital my partner left me was intended to make up this shortfall for as long as possible.
I have about £18,000 invested in a Metlife Protected Growth bond which I've had for 4 years and is doing nothing:(
Just opened a Santander 123 account with £20,000 and 2 TSB accounts with £2000 in each at 5% interest, I have £15,000 in a 5 year ISA with Leeds BS. I have sufficient in reserve to get me through the next 12 months so what can I do with the remaining £30,000. I don't want it just to be eaten away totally by inflation.

Caroline

First of all, sorry for your loss.

Rather than make hasty decisions, have a look around the board at the other high interest current accounts available - Club Lloyds, BoS Vantage (x 3) Nationwide Flexdirect etc. These will take care of most of your £30k in the short term. Can you reduce your outgoings?

Then for the longer term, you might think about S&S ISA for some of your funds. Would you consider downsizing? Or letting a room in your house to increase your income?

I'm sure there will be lots of other suggestions, but my advice would be not to make any irreversible long term decisions for at least a year to give you time to adjust to your new situation.

Carolinemjs

Thanks for your reply Badger09,
After seeing the post from Mark I immediately did an online application for another Santander 123 which was accepted?
I've just called Santander and they have confirmed both accounts are open, quote, dont worry about it!

The BoS Vantage looks like the next best choice - does the x3 mean I can open more than one of these too?

At the moment downsizing and letting a room isn't something I can consider but maybe in the future:)

Caroline

badger09

Carolinemjs wrote: »

Thanks for your reply Badger09,
After seeing the post from Mark I immediately did an online application for another Santander 123 which was accepted?
I've just called Santander and they have confirmed both accounts are open, quote, dont worry about it!

The BoS Vantage looks like the next best choice - does the x3 mean I can open more than one of these too?

At the moment downsizing and letting a room isn't something I can consider but maybe in the future:)

Caroline

Hmmm will be interesting (no pun intended) to see what happens to your 2nd 123 account. If it remains open and interest is credited as normal, then that's a simple solution for you at the moment. I wouldn't necessarily rely on verbal assurance though . Please keep us updated.

Re BoS Vantage - yes you can have 3. Obviously, there is no guarantee that the current interest rate will remain unchanged.