What to do with large sum of money

Dave_5150

Easy access for now whilst keeping an eye on rates for the rest of the year? There's another three BOE rate setting meetings in 2022 and rates are expected to increase unless the new PM does anything wierd.

Currenty I have a few short term fixes of less than a year with an aim of a longer term fix later this year. I'm also having some jobs done around the house too as prices have already increased, and that will continue whilst inflation is high.

bostonerimus

Use it to pay off any high interest debt you have. If you don't have an emergency fund that's maybe 6 months worth of savings just put it in some easy access saving account. If you have the emergency fund covered then look into a cash or S&S ISA. Also, depending on the terms you could investigate some mortgage over payment.

jimjames

richje100 said:

Hi,
Trying to get an appointment with my HSBC bank and its a nightmare so thought I'd ask for your guidance please.

Lucky you didn't get an appointment. Worst possible place would be a high street bank when rates are vastly better elsewhere. Based on your other comment that you are comfortably off but no savings that is maybe something to also address. You don't need to put all this money in one place but if you need to increase pension that might be an option for part of it. I'd also suggest looking at building up savings/investments long term if as you say you are comfortably off by reviewing budgets and where the money goes.