Windfall

Newly_retired

I am shortly due to receive a large sum of money, in excess of £150K

Thanks to this site I have some thoughts already.
My first priority will be to split it across several institutions for financial protection, for which I have already got several accounts I can use, some current, some savings.
Am already with Santander, Halifax, TSB, Coventry, Skipton, First Direct.
I do a fair amount of recycling and switching for interest and incentives, but currently do not have a large amount to play with.

Then I want to maximise interest on the rest.
Some will need to be kept accessible for spending on home improvements.
I am thinking of opening Lloyds Club, TSB, and a further Santander 123.
Obviously these have all been covered elsewhere, but have I missed any?
Then I need to find a home for longer term saving/investments.
No doubt the family will be pleased to offer to help!
May consider using an IFA.

Any suggestion gratefully received.
Sorry, I will not be funding anyone's private charity, lol.

Archi_Bald

A further Santander 123 needs to be a joint one if you already have one in sole name.

You should definitely read up about investments, as keeping large sums of cash for any length of time is most likely not the smartest idea. https://forums.moneysavingexpert.com/discussion/4752194

Engaging an IFA could well be relevant, though DIYing isn't too difficult if you can make some upfront investment of your own time.

Ebe_Scrooge

Newly_retired wrote: »

I am shortly due to receive a large sum of money, in excess of £150

Seems an awful lot of trouble to go to for the sake of £150 ?

Newly_retired

Oops!
Have corrected first post. Thanks.

Stevie_Palimo

May be worth looking at below to :-


http://www.telegraph.co.uk/finance/personalfinance/investing/10435276/Which-are-the-best-crowdfunding-websites.html


I do a bit now and then and whilst it may not be the best of profits it seems quite safe compared with other investments on offer.