Windfall

ScoobySnacks79_2

I know this isn't really the right place to ask this, and I will be seeking advice elsewhere, but I was wondering what other people would do.

I'm expecting a large cash payment at the end of next month. It's a settlement against my ex doctor for clinical negligence. I need to work out the most efficient way to distribute the money so that it actually works for me.

A large proportion of the money will probably be used to buy a property to live in. The rest will be used to help set up a business to earn some money.

Obviously, I will need to find somewhere to put the money initially. I'm loathe to put it all in one place, I don't think it will earn the best return that way, but I will need to have most of it immediately available.

How would people recommend dealing with this? I would instinctively think that I would need to spread it over a few accounts, but I don't know whether this is likely to adversely affect creditworthiness (I don't intend, at least initially, to borrow any money but with an eye to possible future requirements)

How would you guys deal with it?

InsideInsurance

Immediately, if you are a very nervous type of person you should ensure you're holding no more than £85k with any single authorised bank (some "brands" are their own bank and others are simply trading names of other parts of the group) just to ensure its all covered should the bank go bust.

Outside of that, you are probably best in speaking to the people that frequent the investment part of this forum or alternatively see an IFA who can discuss your full circumstances and objectives and recommend some products to achieve an appropriate risk profile.

colsten

Assuming it is less than £2m and more than £85K, put it all into an NS & I Direct Saver. You then have time to distribute it to better places at your leisure, and know that the money is safe.

Depending on how much you have available and what your requirements are, there are various options of what you can do with your money. A lot is discussed on the MSE forum, though not necessarily on the board you posted on because it's really only about current accounts mainly. You may also be well advised to seek professional advice from an IFA.