Going to inherit 40k. What to do?

Hey everyone,

I'm going to inherit £40,000. I have no idea whwat type of account to put it in?

Thanks for any help :)



  • atush
    atush Forumite Posts: 18,710
    Part of the Furniture 10,000 Posts Name Dropper
    Do you have any debt? Any savings? Pensions? Mtg? what rate?

    I'd pay off all non mtg debt, set aside 3months + outgoings, then top up/open an personal pension then a S&S isa.
  • Robin9
    Robin9 Forumite Posts: 11,735
    Part of the Furniture 10,000 Posts Name Dropper
    With interest rates so low perhaps this is the opportunity to do that house extension, take the holiday of a lifetime ........
    Never pay on an estimated bill
  • Eco_Miser
    Eco_Miser Forumite Posts: 4,668
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    To get passable interest, use current accounts. http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

    £2k TSB (5%)
    £2.5k Nationwide (5%)
    £5K Lloyds (4%)
    £15 BOS Vantage (over 3 accounts)
    the rest, up to £20k Santander 123.

    The suggestions above are good too.
    Eco Miser
    Saving money for well over half a century

  • macman
    macman Forumite Posts: 52,866
    Part of the Furniture 10,000 Posts Name Dropper
    Depends what your objectives are; the period over which you want to save, your attitude to risk...you don't give any info.
    As above, clear your debts first, if any, starting with the most expensive.
    No free lunch, and no free laptop ;)
This discussion has been closed.
Meet your Ambassadors


  • All Categories
  • 338.8K Banking & Borrowing
  • 248.6K Reduce Debt & Boost Income
  • 447.5K Spending & Discounts
  • 230.7K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 171K Life & Family
  • 243.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards