£3000

TashPot

Hi guys.
I have just been gifted £3000 from my late nans estate. 
I want to make sure I put it away somewhere. It is currently in my current account. If it stays in there it will just get sucked into my living costs and eventually vanish. 
I have no debts but my wages (as a single mum) mainly go on living costs, with some treats and I live quite comfortably and relatively happily from payslip to payslip and I budget tightly managing every penny. 

My son has a Halifax child account which seems to earn very good interest. Could I keep it in there? Only I have access to the account.

I'd like to treat the money as a rainy day fund as I have no big ticket items I need to buy at the moment and no holiday planned due to the pandemic. 

Where shall I keep it?

Thank you in advance for your advice.

eskbanker

Unless you're planning to give your son the money then using his account to keep it in isn't a good idea, so your best bet would be to choose an account of your own that best fits your circumstances (e.g. easy access versus fixed term) from those explained at:

https://www.moneysavingexpert.com/savings/which-saving-account/
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Albermarle

I have no debts but my wages (as a single mum) mainly go on living costs, with some treats and I live quite comfortably and relatively happily from payslip to payslip and I budget tightly managing every penny. 

Have you any plans for when you stop work ? pension fund with work ? Maybe worth topping this up .