Inheritance savings

EAJames83

Good morning all, 

We’ve recently inherited a large amount of money from a house sale. My question is quite simply where is best to put the money? 

Is it worth investing in premium bonds or is there a high interest bank account we can use? 

Any suggestions would be great 

thanks 😊 

xylophone

https://www.moneysavingexpert.com/savings/safe-savings/


Savings rates here

https://www.dailymail.co.uk//money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html?_ga=2.201984402.2067230157.1679434048-1255727737.1563279934&_gl=1*1dngrmw*_ga*MTI1NTcyNzczNy4xNTYzMjc5OTM0*_ga_XE0XLFFF16*MTY3OTczMzcyMC45Mi4xLjE2Nzk3MzM3NzQuMC4wLjA.

Albermarle

My question is quite simply where is best to put the money? 

This would depend on a number of things.

Your current financial situation- e.g - mortgage , other debts, other savings, other investments, pension situation etc

Your personal situation - Age , marriage status, employment status, future plans for expenditure etc

The inheritance - Is it £10K, £100K etc 

So without this info, it is not really possible to answer your question in any sensible way.

EAJames83

Albermarle said:

My question is quite simply where is best to put the money? 

This would depend on a number of things.

Your current financial situation- e.g - mortgage , other debts, other savings, other investments, pension situation etc

Your personal situation - Age , marriage status, employment status, future plans for expenditure etc

The inheritance - Is it £10K, £100K etc 

So without this info, it is not really possible to answer your question in any sensible way.

Ok fair enough, I don’t really know a lot about finances hence then question. 

So me and my fiancée are 40, happily privately renting but possibly buying in about 5 years. Few other debts but only minor, credit cards etc. getting married in a couple of months and we both work full time 
150k inheritance 

hope this helps, thanks for the reply 😊

Albermarle

OK £150K is a large sum, especially if you do not know a lot about finances.
 Suggest that you  start to learn the basics, which are 
Think first what you might want the money for. For example
For a house deposit?
For a couple of holidays?
To add to your pensions, so you can maybe retire earlier/with more money ?

Then that will give you an idea of the time scale involved . For shorter term needs, it is best just to save the money in a safe savings account. For longer term ( >10 years)  need it is better to invest the money ( via a pension or a Stocks and shares ISA). For medium term maybe a mixture of both . In any case it is unlikely that putting the whole £150K in one place will be the best solution . Although putting at all in a saving (s) account just for now may not be a bad idea.

Instead you could employ an Independent Financial Advisor to help you, but there will be a cost, which may or may not be worthwhile.
 For now read the MSE savings link posted by Xylophone.
Then have a look at these.
Investing in stocks for beginners: how to get started - MSE (moneysavingexpert.com)
Stocks & shares ISAs: find the best platform - MSE (moneysavingexpert.com)
Pensions: Everything you need to know for retirement - MSE (moneysavingexpert.com)

Once you get the basics, regularly reading this forum can be informative.
Feel free to ask more questions.

Beddie

You could both have up to £50k in premium bonds. You could both have £20k in a cash ISA, then the same again in the new tax year (6th April.) And the remainder in an easy access account. 

Do some or all of this now, to start earning interest (or winnings on PBs) then if you decide you want to move some, fix some or spend some, you can do that later. The options above are all easy access with no penalty for withdrawals.

Best rates are in links above by others, or Moneyfacts here:

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false

Fixed rates are on that site too, if you want to lock some away, bearing in mind your timescale for house buying.