Going to inherit 40k. What to do?

greenkomodo

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

Ed

atush

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

With interest rates so low perhaps this is the opportunity to do that house extension, take the holiday of a lifetime ........

Eco_Miser

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.

macman

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.