What to do with inheritance money...?

numbers123

For the OP, I'd say:

£20,000 in Santander 123 (3% - £2 per month fee which can be earnt back via cashback paid on eligible Direct Debits)
£15,000 in 3x BOS Vantage (3%)
£6000 in 2x Tesco Current Accounts (3%)
£5000 in Club Lloyds (4%)
£2500 in Nationwide Flexdirect (5% - for one year)
£2000 in TSB Classic Plus (5%)

That takes care of £50,500. You can also look at Regular Savings accounts (https://forums.moneysavingexpert.com/discussion/608697). Some RS accounts restrict access for the duration of the account, others do not.

As always, please read the T&Cs thoroughly before applying for each account. You want to make sure that you understand the requirements so you do not miss out on interest/pay fees that you didn't need to.

In terms of how to fund the minimum requirements, these accounts can be funded by a Faster Payment from one of your accounts to another - some accounts restrict payments made from the same bank so do look out for this in the T&Cs.

Broken_Biscuits

i know Bristol very well and after a bit of research decided that st George and bedminster were the two most affordable areas without having to rough it too much.

it might be worth revisiting the mortgage idea again with an open mind. St george has quite a bit of green space, near town walking distance. Big old houses for surprisingly less than you would think.

badger09

macman wrote: »

Santander 123 account will account for £40K if you open two, one sole and one joint account. You need to finance it by £500pm, but this is easily done simply by SO-ing that amount back and forward from the feeder account each month.
Plus 2 DD's on each account, use these for your water/CT/gas/elec/phone/broadband providers and the cashback will easily cancel out the £2pm fee.
3% after tax is much better than the current ISA market will pay you.

You're assuming OP knows someone well enough to open a joint account with them, and link his credit worthiness with theirs:cool:

numbers123 wrote: »

For the OP, I'd say:

£20,000 in Santander 123 (3% - £2 per month fee which can be earnt back via cashback paid on eligible Direct Debits)
£15,000 in 3x BOS Vantage (3%)
£6000 in 2x Tesco Current Accounts (3%)
£5000 in Club Lloyds (4%)
£2500 in Nationwide Flexdirect (5% - for one year)
£2000 in TSB Classic Plus (5%)

That takes care of £50,500. You can also look at Regular Savings accounts (https://forums.moneysavingexpert.com/discussion/608697). Some RS accounts restrict access for the duration of the account, others do not.

As always, please read the T&Cs thoroughly before applying for each account. You want to make sure that you understand the requirements so you do not miss out on interest/pay fees that you didn't need to.

In terms of how to fund the minimum requirements, these accounts can be funded by a Faster Payment from one of your accounts to another - some accounts restrict payments made from the same bank so do look out for this in the T&Cs.

This :T

kidmugsy

hanb wrote: »

With the current accounts they need a certain amount paying in each month don't they? I'll have to think about how to work that.

Just use standing orders: I find it really useful just to swap money between accounts on Wednesdays, though Tuesdays would do too. Monthly SOs are a nuisance because you can be caught out by weekends, Bank Holiday Mondays and Good Friday. Only Xmas, Boxing Day or New Year's Day can catch out a Tuesday or Wednesday and the dates of those holidays are well advertised in advance.

hanb

Thanks again all! Really appreciate it. I'll spend my evening looking at the account options and understanding it before jumping straight in - don't want to get caught out by missing minimum payments or screwing up SO's!

badger09 wrote: »

You're assuming OP knows someone well enough to open a joint account with them, and link his credit worthiness with theirs:cool:

Haha! That would not be a good assumption. Unfortunately no joint account option for me!


And Broken Biscuits, Bedminster is the kind of area I'm looking at. Working in the centre and with all friends and hobbies close to the centre it makes sense (IMO) to be in that kind of area rather than further out for less money but paying more to get in and out of town all the time. However, the house prices in that area seem to have shot up again presumably due to the lack of properties!


I am tied to my rented flat until September so I do have a bit of time so will endeavour to scrape some more of a deposit together in that time and hope there's more on the market, within my range, by then too! x

Broken_Biscuits

hanb wrote: »

And Broken Biscuits, Bedminster is the kind of area I'm looking at. Working in the centre and with all friends and hobbies close to the centre it makes sense (IMO) to be in that kind of area rather than further out for less money but paying more to get in and out of town all the time. However, the house prices in that area seem to have shot up again presumably due to the lack of properties!


I am tied to my rented flat until September so I do have a bit of time so will endeavour to scrape some more of a deposit together in that time and hope there's more on the market, within my range, by then too! x

i lived in totterdown as well for a while, that would probably suit your requirements. A few newish flats there. Also a friend of mine has bought 1 min over the boundary line of totterdown and you would be surprised how much a knowle post code can bring the price down!! Its pretty much totterdown to all but the postman when you are that close to the line.

I bought 15 months ago and zoopla suggests my house is worth 23 grand more now. who knows where prices will go by september, but will keep my fingers crossed for you that they take a big dip (for a few months at least)..

hanb

Broken_Biscuits wrote: »

I bought 15 months ago and zoopla suggests my house is worth 23 grand more now. who knows where prices will go by september, but will keep my fingers crossed for you that they take a big dip (for a few months at least)..

That's great news for you! But yes, if there could be a big dip from July for a couple of months and then it ping back to normal, that would be just fine That's definitely the area I'm looking at but ideally not too far out as I'd still like to walk to work and the likes if possible. Although, that's looking less likely as time goes on. We shall see!

mad_rich

hanb wrote: »

I am tied to my rented flat until September so I do have a bit of time

Many first time buyers significantly underestimate the time it takes to buy ah ouse. Even with a willing buyer and willing seller both hustling their people, these things drag on as bits of paper get stuck on people's desks. (Particularly over summer, when every !!!!!! goes on holiday!)

Put in an offer today, and it could quite easily be three months (say, end of July) before you're in.

That's not to say don't wait, of course, but by the time you've seen a few houses and talked to mortgage providers, you might find that a realistic moving date is after September, not before!

hanb

mad_rich wrote: »

Many first time buyers significantly underestimate the time it takes to buy ah ouse. Even with a willing buyer and willing seller both hustling their people, these things drag on as bits of paper get stuck on people's desks. (Particularly over summer, when every !!!!!! goes on holiday!)

Put in an offer today, and it could quite easily be three months (say, end of July) before you're in.

That's not to say don't wait, of course, but by the time you've seen a few houses and talked to mortgage providers, you might find that a realistic moving date is after September, not before!

Thanks! I just mean I've paid my rent until September (went travelling last year and didn't have an employment reference at the time I moved in so had to pay 12 months upfront :eek:) I can stay put after that time if needs be but would ideally like to avoid too much overlap. Definitely keeping an eye out for things now - not that it's giving me much hope just yet!

hanb

Oh and I decided to put half of my savings in Premium Bonds yesterday. I know the returns aren't guaranteed and could be minimal if at all but there is that chance of a big one! Figured it was worth a shot...!