Best Account to use

RomeosMam24

My Daughter's and I have recently inherited some money and I'm looking for the best accounts to open with it for investment while we decide what to do. We would like to be able to access it in the meantime but will be looking to invest. My 3 daughter's have 50k each and I have 150k. They are 18, 16 and 14

Mark_d

I suggest maxxing the cash ISA allowances for everyone (JISA for the two kids) and then putting the rest into high interst savings accounts.

RomeosMam24

That what I'm looking to do but wondering what's the best savings account to use, keep getting dragged down financial jargon rabbit holes 🕳 

Mark_d

Coventry building society have some good rates.  I've recently opened up some cash savings with them.

Kroo current account pays a high rate of interest so it's not unreasonable to keep large amount of cash in there

wmb194

RomeosMam24 said:

My Daughter's and I have recently inherited some money and I'm looking for the best accounts to open with it for investment while we decide what to do. We would like to be able to access it in the meantime but will be looking to invest. My 3 daughter's have 50k each and I have 150k. They are 18, 16 and 14

https://moneyfactscompare.co.uk/savings-accounts/

Your adult daughter will need to open accounts herself. 

eskbanker

RomeosMam24 said:

That what I'm looking to do but wondering what's the best savings account to use, keep getting dragged down financial jargon rabbit holes 🕳 

If you're wanting to retain access then it's 'easy access' accounts that you're looking for, rather than fixed term ones:

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess

You'd be best splitting your £150K across two different institutions, to benefit from FSCS protection (although strictly speaking, inheritance of up to £1m is fully protected for up to six months):

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

As above, ISAs may be part of the solution but given the annual contribution limits, they'd only take care of smallish chunks of the overall total.

You might find this useful too:

The Flowchart - UKPersonalFinance Wiki