Where Best To Save Inheritance

DaveCE

Hi guys,

I have recently inherited £15,000 and just have it sitting in my RBS savings account earning essentially 0% interest. Unfortunately being very busy with work I have not had time to research new accounts and then go about opening them but I'm hoping to figure out what the best thing to do with this money is and get it set up over the Christmas holidays.

I already have a Santander 123 account that is maxed out and an ISA so cannot open another one of these.

So far this year I haven't contributed to my ISA and so in principle I am able to open another ISA I believe. However, my current job is not paying that much money and so I would prefer not to "lock away" all of the £15,000 in case I need to draw on some of it later in the year.

I have read on this website that the TSB account will give me 5% on £2000 which seems like a good deal but where would people advise for putting the rest?

Thanks very much.

darkidoe

There are many threads here asking similar questions with answers. Here's one to get you started. Check out this thread for the highest interest paying accounts: https://forums.moneysavingexpert.com/discussion/5374614

ColdIron

You could make a start with Top Savings Accounts at the top of this page

Dan83

Simple answer, nation wide pays 5% for 12 months on balance upto £2500 (plus £100 bonus if you are refared by a friend/family/me), the account needs to have £1000 credited to it each month, but that can be done shifting money around online.

TSB 5% on balance upto £2000, needs £500 credited each month.

Lloyds 4% upto £5000, needs £1500 credit each month and 2 direct debits which isn't a big deal.

Tesco 3% balance upto £3000, no min pay in or direct debits.

atush

It depends on how you want to use theis money really.

if you have cash in accounts and isas to cover emergencies, and you arent saving for something like a home purchase, i'd be looking at S&S isas and pensions.