What's the best thing to do with a large lump sum gift?

rescue_ratbag

I want to put a large lump sum financial gift towards my next home but haven't found anything suitable yet. Where's the best place to put the money in the meantime?

Mark_d

It depends on a lot of things - your age, how much money we're talking about, what timeframe you'll be looking to buy your next home, whether your next home will be the first home you're buying.....

sheslookinhot

Easy access Savings  accounts with best interest £85k max in each

gravel_2

FSCS temporarily protects up to £1m for 6 months. I think the recovery process in case of bank failure is longer than the £85k protection but would still offer some peace of mind if you are going to exceed the usual £85k proteciton.

Linton

If the gift is > £85K you could sensibly put it in an NS&I Direct Saver easy access account which is fully guaranteed by the Government.

Otherwise there are easy access accounts listed on this website ("Banking and Savings") which may give higher interest though these may well be with banks you have never heard of.