Where to invest inheritance.

ClaireLR

Hoping for some advice.
I have received inheritance of £10k recently. 
I'm not sure where to put it (it's currently earning practically nothing in my current account).  
I'm worried about putting it into fixed term savings in case the interest rate goes up and it's stuck in an account not earning much.    
I have looked at stocks and shares ISA but I don't really understand how they work and don't want to risk losing my money. 
I rent our house but have a LISA and thought about putting some in there, but unsure if/when we will buy and again I don't want to discover that mortgages rates go through the roof and I can't afford to buy and my money's then locked away. 
Does anyone have any advice or ideas please?

Albermarle

Normally there is no ideal/risk free answers to these types of questions.
The main thing is when are you likely to need the money/spend it and what other savings/investments/pension you have already .

If you will need it in the next couple of years then best just to put it in a safe savings account. Easy access can pay up to 1.5% and fixed for a year 2%. The problem here is that high inflation will eat at the value. 
If you are looking at longer term you would be better to invest in a S&S ISA/Pension, as investments work better over a long time period.
Otherwise the LISA would make sense due to the 25% bonus .
Although interest  rates are increasing it seems unlikely that savings rates or mortgage rates will 'go through the roof ' 

bostonerimus

1) If you have any high interest debt pay that off. That's a certain return.
2) It's always good to keep at least 6 month's spending in the bank for an emergency.
3) The LISA (I assume it's a cash LISA) is a guaranteed return because of the interest and government contribution.
4) Educate yourself about personal finances and investing so you can make sensible decisions. If you have a pension start by researching and understanding exactly how it is invested and maybe increase you contributions to that.

eskbanker

You can't keep your options completely open without making compromises, but for the time being you can stick it in the leading easy access savings account (Chase) and earn 1.5% interest on it.

If/when you feel that taking a longer term view is appropriate you have a range of options, including the ones you've identified such as fixed term savings, LISA or investing, plus pension contributions, but it's really up to you as to when you believe you're likely to need the money in future and the extent to which you feel able to overcome your caution about committing.

VKE

I'd be looking at:

1. Chase UK 1.5% easy access
2. Zopa  1.19% easy access, Boosted Pots: 7days 1.24%, 31days 1.34%, 95days 1.44%
3. Cynergy 1.20% easy access

But given BoE have just increased I'm sure we will see some % changes from banks/bs's