Where to put my money

nrave

I am about to get a sum of £15000 inheritance and do not know the best place to put it. It will eventually be used as a deposit on a house but until then I am looking for advice on the best saving solution!
Thanks

Albermarle

You need to post more details e.g.
Age; approx time to buying a house; other savings /investments ; pension situation etc 

tacpot12

Your options are: 

• National Savings and Investments: completely safe, but they are having problems with service times during the pandemic.
• A Savings Account (or Cash ISA) with a Bank or Building Society: completely safe for £15,000, but paying very low rates of interest.
• A Stocks & Shares ISA: you could lose money if it is invested, but you might also gain some money. (This is probably not a good idea as you could lose quite a bit of this money. I have listed it for completeness rather than to suggest that this is something you should consider doing - that said, if you weren't going to buy the house within the next 5 years, it might make sense to invest some of it.)

If you are buying the house in the future with someone you are not married to, consider whether you want a Deed of Trust to ensure that you will get this inheritance back if necessary. 

mrlegend123

I would drip feed the 15 grand over time into a stocks and shares ISA. ask for advice from posters regarding funds and your risk 

AlanP_2

mrlegend123 said:

I would drip feed the 15 grand over time into a stocks and shares ISA. ask for advice from posters regarding funds and your risk 

For a sum to be used as a house deposit at an unknown point in the future? Surely you want to know the likely timescale first.

If buying in 6 months time is that what you would suggest?

If buying in 3 years tie is that what you would suggest?

If buying in 10 years time is that what you woudl suiggest? 

NottinghamKnight

Premium bonds is probably easiest and most secure with the potential for a little income and the faint possibility of a lot more. 

grumiofoundation

nrave said:

I am about to get a sum of £15000 inheritance and do not know the best place to put it. It will eventually be used as a deposit on a house but until then I am looking for advice on the best saving solution!
Thanks

Lifetime ISA? 

https://www.moneysavingexpert.com/savings/lifetime-isas/

https://www.gov.uk/lifetime-isa

nrave

AlanP_2 said:

mrlegend123 said:

I would drip feed the 15 grand over time into a stocks and shares ISA. ask for advice from posters regarding funds and your risk 

For a sum to be used as a house deposit at an unknown point in the future? Surely you want to know the likely timescale first.

If buying in 6 months time is that what you would suggest?

If buying in 3 years tie is that what you would suggest?

If buying in 10 years time is that what you woudl suiggest? 

Looking at 2-3 years

Thanks

AlanP_2

nrave said:

AlanP_2 said:

mrlegend123 said:

I would drip feed the 15 grand over time into a stocks and shares ISA. ask for advice from posters regarding funds and your risk 

For a sum to be used as a house deposit at an unknown point in the future? Surely you want to know the likely timescale first.

If buying in 6 months time is that what you would suggest?

If buying in 3 years tie is that what you would suggest?

If buying in 10 years time is that what you woudl suiggest? 

Looking at 2-3 years

Thanks

Cash Lifetime ISA and Premium Bonds would be my approach for that timeframe.

steampowered

Are you a first time buyer? If so, consider a Lifetime ISA.
If not, consider NS&I or a savings account. 

yorkie2021

I would opt for a share ISA and pick some shares that will rise once lockdown is over.