What to do with £10,000?

Rebecca30

Hello. I'm a 30 year old woman, married with 2 children. We are in a private rented house, don't drive and have a couple of small debts but nothing drastic.

My grandmother passed away last year and I'm about to receive £10,000 from her estate. 
I don't want to put the full lot on a deposit for a mortgage, my husband and I both want to learn to drive. And as silly as it might sound I've wanted to have my teeth fixed since my teens as they are very very crooked and it affects my confidence massively, which is between 2 and 3 thousand and this is likely the only time I'm going to be able to afford it. 
What I'm wondering is once we've done those things we will probably have about 4 or 5 thousand left. What can we do with it? If theres any way I can increase it that would be great. 
Thanks

YorkshireBoy

So your question isn't what to do with £10K, it's what to do with £5K. And the answer to that question is a pair of Nationwide FlexDirect accounts making 5% on up to £2.5K in each. This will get you around £250 interest over the first year. You and your partner could avail of their switching incentives and make another £400 between you. That's a total of around 13% on your £5K...and you won't beat that anywhere else in savings.

xylophone

What I'm wondering is once we've done those things we will probably have about 4 or 5 thousand left.

Will you want to buy a car?

boubou20

YorkshireBoy said:

So your question isn't what to do with £10K, it's what to do with £5K. And the answer to that question is a pair of Nationwide FlexDirect accounts making 5% on up to £2.5K in each. This will get you around £250 interest over the first year. You and your partner could avail of their switching incentives and make another £400 between you. That's a total of around 13% on your £5K...and you won't beat that anywhere else in savings.

can i ask, you have to put £1000 into that account each month- can i take that out of another account just for the sake of doing so (as im self employed and dont get a regular income, so it not like i can pay a salary into it)? ta!

oli356

boubou20 said:

YorkshireBoy said:

So your question isn't what to do with £10K, it's what to do with £5K. And the answer to that question is a pair of Nationwide FlexDirect accounts making 5% on up to £2.5K in each. This will get you around £250 interest over the first year. You and your partner could avail of their switching incentives and make another £400 between you. That's a total of around 13% on your £5K...and you won't beat that anywhere else in savings.

can i ask, you have to put £1000 into that account each month- can i take that out of another account just for the sake of doing so (as im self employed and dont get a regular income, so it not like i can pay a salary into it)? ta!

Yeah you can pay the money in from another account (don't think it can be from another of your own Nationwide accounts), then can transfer it out again.
I've got a standing order to transfer a grand from my tsb account and on the same day a standing order to transfer it from my Nationwide back to tsb.