Help with savings

1100824

Hello

I have recently received a payment of £50,500 from an insurance claim and do not know what to do.
I am 23 years old, just finished university. As I am a scottish student i have no fees to pay off or any loans.
I do not have bills etc. as i am currently living with my parents until i find a job and pay them dig money on a weekly basis.
As i have no job, i cannot get a mortgage so unable to put money down on a flat. I am therefore wanting to put my money in an account however do not know where to start as there are so many different types of accounts and banks.
Could someone please advise me the best thing to do and what account and bank i should put my money in

Thanks

masonic

Probably high interest current accounts. You could put £20k into a Santander 123 account and there are others (TSB, Lloyds, Nationwide, Tesco, BOS), some of which pay a higher rate albeit on a smaller balance. Those could cover the majority of the money. What you do from there will depend on your plans. Presuming you will want this money to go towards a home in the next few years, investing it in equities or bonds is probably not a viable option, although you could do so with some portion of it that you won't need for the foreseeable future. You could look at fixed rate accounts if you don't think you'll need the money imminently, or could explore a lower risk P2P platform like Ratesetter for some of the money if you are comfortable taking a small amount of risk.

xylophone

You might consider making an early start on investing by using your Stocks and Shares ISA allowance for this year.(£15,240)

http://monevator.com/review-smarter-investing-by-tim-hale/

http://monevator.com/low-cost-index-trackers/

http://monevator.com/transfer-cash-isa-into-a-stocks-and-shares-isa/

http://www.thisismoney.co.uk/money/diyinvesting/article-1718291/Pick-best-cheapest-investment-Isa-platform.html

All being well you will be employed in the tax year 2016-17 and might then consider monthly contributions.

As to the balance, you might consider holding it in BM Savings On Line Extra ( up to a year) until you find employment - once you've been in work for three months or so, you might have a look at high interest current accounts.

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

http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html