Inheritance

ERJ

I'm inheriting £175,000 soon. I'm not sure what the best savings account are at the moment. Could anyone advise please? Thanks 

Alistair31

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

Albermarle

Even the best savings accounts will mean your money is being significantly devalued by inflation, so it is probably not a good long term plan to keep it all in savings accounts, unless you are likely to need to spend it all in the next few years.

CKhalvashi

Albermarle said:

Even the best savings accounts will mean your money is being significantly devalued by inflation, so it is probably not a good long term plan to keep it all in savings accounts, unless you are likely to need to spend it all in the next few years.

I echo this, obviously subject to how much risk OP may be willing to take.

Their risk profile is likely very different to mine, so I can't make any specific recommendations on the forum as I'm not qualified to do so.

lozzy1965

Bear in mind the £85K savings protection limit per institution.
Many consider putting £50K into premium bonds a good place for easy access/emergency funds money.

Stubod

When will you need this money?...do have mortgage / debts?...do you have any pensions?...inflation risk (savings) v Investment risks?....if you just want to put it into savings then the "best savings" link is your best resource echoing the £85k protection limit..

Albermarle

CKhalvashi said:

Albermarle said:

Even the best savings accounts will mean your money is being significantly devalued by inflation, so it is probably not a good long term plan to keep it all in savings accounts, unless you are likely to need to spend it all in the next few years.

I echo this, obviously subject to how much risk OP may be willing to take.

Their risk profile is likely very different to mine, so I can't make any specific recommendations on the forum as I'm not qualified to do so.

It is not just their risk profile, it is their overall situation as well. For example they might have a high risk tolerance, but if they need the money to buy a house in 6 months, it would be not just risky, but foolhardy to invest it, however high your risk profile was.