Inheritance

TheBigBowWow

Hi guys, first time post.

Ive been left some inheritance by my grandparents to tune of £25,000.
I plan to use this is a deposit on a house, (first time buyer) as soon as possible.
Ideally this would be around the end of 2016 start of 2017, but it could be a up to couple of years.

What would your advice be on what to do with this money in the mean time? I've seen the help to buy ISAs but with a £200 maximum monthly deposit, is there something where I can utilise all the money at once rather than trickling it into the ISA.

Cheers

Benjy

silver145

Because of the timeframes you want to use the money, i would suggest placing the 1200 into the help to buy (then the max monthly allowance, better than nothing)

place the rest in 6/5/4% current accounts. FD/TSB etc (check other posts)

LXdaddy

Yes, if you qualify, open a HTB ISA (Halifax are paying 4% interest) Do it within the next few days and you can deposit in March and then again at the beginning of April. You won't get all of your inheritance into that account but what you do get in should give you a nice help.


But also be aware that the solicitor you use to purchase the house needs to be set up with the HTB scheme to be able to access the bonus - other posts have talked about that problem.


Outside that then make use of the interest paying current and regular savers accounts - check T&C on the regular savers as some don't allow withdrawal or don't pay the decent interest if you draw out before the year is up.

xylophone

Assuming you have a couple of DDs, (if not two Tesco savings accounts will enable you to set them up) you might open a 123 with Santander and a Santander HTB ISA (4%) - also open a couple of Tesco current accounts, £3000 in one and £2000 in the other - you can move your Tesco interest to the account with less in it and fund your Santander with monthly SO from Tesco.