Advice please. I won 50k!

MissThingxx

Hi everyone,

I was really hoping I would be able to get some advice.
I am a student, and I recently won £50,000 on a football bet. (Still doesn't feel real!)
I've been trying to work out what to do with it, and whilst I am studying for my masters. I want to put away £40k for a bit until next year when I'm working and can use the money for a deposit on my own house.

So I wonder if anyone has any advice on where I should best put the money in terms of getting a bit of interest.

So far my best guess would be £20k in Santander 123, 15k in cash ISAs... Wouldn't mind taking a risk and putting a bit of it in stocks and shares ? But I honestly have no ideas whats best. I've not had any substantial money before now.

Thanks for any advice x

YorkshireBoy

Pick your high interest current accounts from here...

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

Avoid cash ISAs

Avoid S&S ISAs over such a short timescale

colsten

MissThingxx wrote: »

So far my best guess would be £20k in Santander 123, 15k in cash ISAs...

why £15K in ISAs? If you are studying for a Masters, you should be able to explain such a conclusion. Common wisdom would suggest an ISA for 12 months makes no sense in the current climate.

MissThingxx wrote: »

Wouldn't mind taking a risk and putting a bit of it in stocks and shares ? But I honestly have no ideas whats best.

Unless you are the gambling sort (which you might well be), you would never "put a bit of it in stocks and shares" for just 1 year. Stocks and shares are investments, and investments are for 5+ years, plus you should never invest any money you cannot afford to lose. Depending on your risk appetite, there are around 50,000 easy options for buying stocks and shares. It would probably be very difficult even for the most experienced investor to figure out what would make a profit in the next 12 months - and if they could, they would most probably not shout about their ideas on a public internet forum as there is no easier way to kill a value proposition than to detail it on the internet.

PS. Is it half term?

daveyjp

For a year a premium bond gamble is always worth a go.

ColdIron

Premium bonds are rarely worth a go, even worse than cash ISAs. OP is not obviously a tax payer and would not be able to enter the draw for the first month

colsten

Linsay_Maci wrote: »

inquire for the best investment the bank has to offer.

assuming you mean investments (as opposed to savings), the worst place to start would be a bank.

Also, you would not invest for 12 months as investments are for 5-7 years upwards.