Interest on savings?

NightOwl67

I have a large amount of money that I inherited when my mother passed away several years ago, it has been sitting in my bank account getting no interest and I was wondering if there was anywhere it could actually get a decent amount of interest as I'm using this to live on? I find money talk etc goes over my head usually!

george4064

Have a thorough read through the MSE Top Savings Accounts: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest?_ga=2.92790558.281491979.1556093196-682994531.1550408941

Come back here with any questions after you've gone through it all.

ColdIron

What's large? £20,000? £200,000? The answers could be very different

webjaved

We would need to know the rough amount in order to advise what's best for you. The link provided above will be a really good starting point for you.

DrSyn

Have a look here:-

https://www.thisismoney.co.uk/money/article-1621507/Best-savings-rates-Fixed-rate-accounts.html

https://www.which.co.uk/money/savings-and-isas/compare-savings/fixed-rate-savings-accounts

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/?_ga=2.92790558.281491979.1556093196-682994531.1550408941

NightOwl67

Thanks for the replies. The amount is about £60,000, so a sizeable sum.

colsten

NightOwl67 wrote: »

The amount is about £60,000, so a sizeable sum.

NightOwl67 wrote: »

I'm using this to live on

How much do you need per month? For how long? Are you using roughly the same amount every month?

What, if any, debts (credit card etc) do you have?

AnotherJoe

NightOwl67 wrote: »

I have a large amount of money that I inherited when my mother passed away several years ago, it has been sitting in my bank account getting no interest and I was wondering if there was anywhere it could actually get a decent amount of interest as I'm using this to live on? I find money talk etc goes over my head usually!

No there isnt and please dont be tempted by any of these internet ads you see for 5,6,7,8 % "guaranteed" they are all highly risky or simply out and out scams. Best you are going to get is around 2.5%.
I'm assuming since you've left this money in cash for some years that the stock market is of no interest to you so the best you could do is a savings ladder, if you post how much you are spending each year people can advise on the best strategy for that. You can certainly get up to 2% on a years notice and 1.5% on no notice so you need to be moving into those type of accounst asap.

colsten

AnotherJoe wrote: »

please dont be tempted by any of these internet ads you see for 5,6,7,8 % "guaranteed" they are all highly risky or simply out and out scams.

I totally agree, very good warning.

AnotherJoe wrote: »

You can certainly get up to 2% on a years notice and 1.5% on no notice so you need to be moving into those type of accounst asap.

There are also several regular savers which might be applicable. Much depends on how much of the money the OP wants/needs to spend, and how willing they are to split their money across multiple accounts.