Large Cash Sum

Haveyoufedthecat

I need help BADLY.  I'm going to be gifted £100,000 as part of a settlement from a Family Member.  Where would you invest.  I've looked at National Savings but Reviews are mixed.  Basically I'm looking at something to lock it away and have the interest paid out monthly or yearly.  I'm not remotely interested in anything risky.  I would spread the money out a bit cos I do know they only cover up to so much... Many thanks in advance.

ColdIron

Might be worth a look

https://moneyfactscompare.co.uk/savings-accounts/1-year-fixed-rate-bonds/?quick-links-first=false

Pay off debts where it makes sense

Split it up so you don't exceed the £85,000 FSCS protection limit unless it's a joint account or NS&I

How is your pension provision? Do you pay tax?

Mark_d

Assuming you are a higher rate tax payer or not too far away from that, I would put £50k in to Premium Bonds, £20k in to a Cash ISA and the remaining £50k in other savings accounts.

I use Zopa for cash savings and there is no risk if you have £70k saved with the same bank.  Zopa have a range of options including instant access, notice accounts and fixed term accounts of different durations.

wiseonesomeofthetime

First things first, "Buy some cat food!"

After that, you need to decide whether you want to invest - which you allude to - or save - based on your reference to NS&I

You also say that you are "not remotely interested in anything risky".

Investing - always involves an element of risk

Savings - the risk is different, in that inflation may outstrip your returns from interest rates.

For savings, take a look at a site like this https://moneyfactscompare.co.uk/savings-accounts/2-year-fixed-rate-bonds/?id=null&business-type=16&activity-type=null&investment-amount=25000&investment-type=1&account-types=1&interest-paid-frequencies=2&terms=8&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&quick-links-first=false

I have amended the search for monthly interest.

For investments - there are more learned people on this forum to make any suggestions, although none can give "advice".

Good luck with your decision process.

ColdIron

Mark_d said:

Assuming you are a higher rate tax payer or not too far away from that

Seems unlikely

Haveyoufedthecat said:

Hello Everyone

I am in what's classed as persistent debt. I owe approx £13,000 on four credit cards combined and a £1600 overdraft. Have had to cut down greatly at work due to sick husband who is 20 years older than me.

eskbanker

Haveyoufedthecat said:

I need help BADLY.  I'm going to be gifted £100,000 as part of a settlement from a Family Member.  Where would you invest.  I've looked at National Savings but Reviews are mixed.  Basically I'm looking at something to lock it away and have the interest paid out monthly or yearly.  I'm not remotely interested in anything risky.  I would spread the money out a bit cos I do know they only cover up to so much... Many thanks in advance.

The Flowchart - UKPersonalFinance Wiki offers a structured process to help decide what to do with money....

jimjames

Haveyoufedthecat said:

I need help BADLY.  I'm going to be gifted £100,000 as part of a settlement from a Family Member.  Where would you invest. 

Clear debts first. There is no point earning 5% interest on savings yet paying 30% interest on credit card debt.

Haveyoufedthecat

jimjames said:

Haveyoufedthecat said:

I need help BADLY.  I'm going to be gifted £100,000 as part of a settlement from a Family Member.  Where would you invest. 

Clear debts first. There is no point earning 5% interest on savings yet paying 30% interest on credit card debt.

Luckily I cleared all debts last year... only have credit card with small balance sbd a teeny bank loan obviously I shall get rid of

Albermarle

How is your pension provision? Do you pay tax?

and are you employed ?