Best savings options

swmumx3

I want risk free options to invest a life insurance pay out. I will need to live off this for a little while so thinking it's just better to put it into various  easy access accounts with the best interest rates I can find as I'm terrified of taking risks with it.

Bigwheels1111

Give a bit more info for more specific answers.
Do you earn anything or get benefits ?.
If nothing you can get £18,570 of interest tax free.
How much are you getting.
Split it up, 85k is protected per bank.
But interest over 85k would not be. So only put a max of 80k per account to make sure you a covered.
I use the money I got from selling my house for an income.
Fixed rate bonds with annual payout, 5 and 7 year bonds.
Emergency funds in easy access, which is used to fund 3k a month of regular savers.
ISA’S each year to stop me paying tax.
https://moneyfactscompare.co.uk/

trickydicky14

You don't say how big your pay out is, but I would say it's not a great idea to put it all in instant access accounts. Keep some in instant access and the rest in longer term accounts with fixed rates, say I,2,3 year accounts.

eskbanker

swmumx3 said:

I want risk free options to invest a life insurance pay out. I will need to live off this for a little while so thinking it's just better to put it into various  easy access accounts with the best interest rates I can find as I'm terrified of taking risks with it.

It's best to understand that there's no such thing as 'risk-free' - you can certainly use deposit accounts where there's no risk of capital loss, but these will rarely keep pace with inflation over the medium to long term, so real-terms value is eroded.

As above, more info is needed in order to offer meaningful guidance, as we have no idea how long the money would need to last for - does your 'little while' mean weeks, months, years, decades?