What to do with large sum of money

richje100

Hi,
Trying to get an appointment with my HSBC bank and its a nightmare so thought I'd ask for your guidance please.
We've been gifted a large sum of money £20k and want to put it away so that we don't start dipping in to it.
Whats your thoughts on the type of accounts available? Isa? Normal savings? Etc...
Any advice would be much appreciated  thanks.

Alistair31

Putting it away for what reason? And for how long? 

richje100

Alistair31 said:

Putting it away for what reason? And for how long? 

Put it away to earn a little interest but it is to be used for emergencies only so we would need access to it if ever needed.

Chickereeeee

You need to say what you want the money for. Pension? Emergency fund? Fun fund? Income?

Brie

There's a best saving account list on MSE - might check that to get a good rate.  Or put some into premium bonds.

RobM99

Difficult to suggest anything without knowing detailed personal circumstances (which I don't  suggest putting anywhere on-line!). Any debts/arrears? Might be good to clear those first.

But anyway - split it up. Just suggesting something like -

1. Fixed one-year bond (if you don't need it yet)
2. Easy access (in case you suddenly do!)
3. Notice account (say, 90 day if you'll need it soon).  


Not knowing your circumstance we can only suggest.

richje100

Thanks all.
Our circumstances is that we live comfortably as we are but we have no savings. Only debt is the mortgage and interest free card paying the minimum and swap when deal runs out.
We don't just want the money sat in our current account as no doubt we would start dipping in and wasting it but if we could find the right account to put it in and earn a little whilst it's sat there.
We had the money on the basis that it's put away and only used for emergencies such as new boiler, windows need doing etc.......

Brie

How soon could you sling it at the mortgage?  I always contend that you don't need savings if you have credit for most things so would look at putting the majority into a fixed term account to max the interest until it can go on the mortgage assuming you have a X year fix for that.  Lowering or paying off a mortgage is a great relief in my experience.

anonmoose

Also a mortgage overpayment can form part of your emergency fund so long as the provider allows you to take a mortgage break if you are in credit. 

We have always overpayed and took advantage of a payment break during covid. It was a good feeling knowing we could take a very long break in payments if necessary. 

jimpwarsop

Premium bonds.

Pompeydave1967

Could put it into a Shawbrook easy access @ 1.86% then keep an eye on fixed for the next 2-3 weeks. Rising on a weekly basis at the moment . I’ve got funds to put away and getting itchy feet but I know waiting a few weeks is the answer.