Inheritance investing

shell145

I inherited the best part of £200k.

I used some of it on two vehicles, some of our extension and home improvements and am keeping £5k in my instant access bank account as a buffer.

I'm self employed but on maternity so I stopped my pension and ISA standing order, so I've put £20k in my stocks and shares ISA. And £20k into my pension. I'll do the same next tax year.

I've opened three x 6 months fixed terms savings accounts, one with cashback. With interest rates expected to continue to rise I didn't want to lock away longer. In 6 months i may open new 6 month accounts or go for a 2,3 or 5 year account if rate increases are levelling off.

We do have a mortgage of about 100k, but I moved into my partners home and am renting my own mortgage free property out. Partners term ends Nov 23. When that is up, I may pay it off and go on the deeds - depends if mortgage rate is higher than savings rates etc.

Basically, I want to invest the money for our children's future (uni fees, house deposit) and my retirement. 

I'm thinking of putting maybe 10k into crypto currency...

Do you think it's worth opening a savings account for our baby, which we haven't got around to yet

Any obvious things I've missed or ways I can generate more than 3% interest short term?

Thank you

london21

shell145 said:

I inherited the best part of £200k.

I used some of it on two vehicles, some of our extension and home improvements and am keeping £5k in my instant access bank account as a buffer.

I'm self employed but on maternity so I stopped my pension and ISA standing order, so I've put £20k in my stocks and shares ISA. And £20k into my pension. I'll do the same next tax year.

I've opened three x 6 months fixed terms savings accounts, one with cashback. With interest rates expected to continue to rise I didn't want to lock away longer. In 6 months i may open new 6 month accounts or go for a 2,3 or 5 year account if rate increases are levelling off.

We do have a mortgage of about 100k, but I moved into my partners home and am renting my own mortgage free property out. Partners term ends Nov 23. When that is up, I may pay it off and go on the deeds - depends if mortgage rate is higher than savings rates etc.

Basically, I want to invest the money for our children's future (uni fees, house deposit) and my retirement. 

I'm thinking of putting maybe 10k into crypto currency...

Do you think it's worth opening a savings account for our baby, which we haven't got around to yet

Any obvious things I've missed or ways I can generate more than 3% interest short term?

Thank you

I would personally not put any money I do not want to lose into Crypto currency.

Diversify, do your research and due diligence. Investment is a long-term game.

To be personally, crypto is like gambling.

I personally invest in property and funds.

Can look into low-cost index funds or leave the money in a high interest savings account. 

MEM62

shell145 said:

I'm thinking of putting maybe 10k into crypto currency...

Crypto is not investing, it is gambling - pure and simple.  

Remember, you can invest in S&S over and above your ISA limit by using a GIA.  Perhaps in the short to medium term you'll get a reasonable interest rate on cash saving but who knows how long that will last?  

Albermarle

I'm self employed but on maternity so I stopped my pension and ISA standing order, so I've put £20k in my stocks and shares ISA. And £20k into my pension. I'll do the same next tax year.

Although £20K is the max. you can add to an ISA, the maximum  amount you can add to a pension is limited only by your earnings and the £40K annual allowance. On the other hand to add £20K, you must have earned at least £25K this tax year.

Just making sure you know that