Where do I put inheritance

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
1 reply 957 views
erosseross Forumite
1 Post
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Hey,

I've been reading quite a bit through MSE's site and forum but I'm still really stuck with what to do and was hoping to get some advice.
I am due to inherit some money, between 20,000-30,000 which I want to put towards a deposit on my first home. I have already set up a help-to-buy ISA so I can hope to get on the ladder, but I'm aware that with this, I cannot open another ISA.

I'm due to get the inheritance quite soon, but I'm not read to use it straight away. I thought about putting the money in Premium Bonds, but MSE doesn't seem to think that's a great idea. The article I read either said an ISA is better (but I can't do that as I have one) OR a TSB account, but TSB only gets interest on up to 2,000

Any advice would be hugely appreciated!

Replies

  • lisyloolisyloo Forumite
    27.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    When will you be ready to buy a house?
    If you are thinking less than 5 years and don't want to take any risk with the money, then simply get the account with the highest rate you can find. That might be a fixed rate if you are willing to tie it up.
    Unfortunately rates are low, but if you want access and don't want to take risks then it's just a case of the best rates you can find, there are plenty of best buy tables on this and other websites to help you.
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