What to do with cash some after inheritance

Henrta

Thanks to all help in advance.

Hello I've just inherited some money and still going through various elements of a bereavement at a busy time and everything that comes with dealing with the estate, and I have some confusion on which bank to use for the transfer after some closures and a couple of questions.

I tried looking over the bank accounts section for help on this site. I'm finding it a little overwhelming at this time. I would like to know for savings and easy assess a good high street and alternative financial institution account for both
1/ easy access and savings,
 and separately another couple of both high street and alternative for
2/ISA deposits.

Two questions:
*If it's all confusing am i fine putting it all into my standard account and starting bank accounts with deposit bonuses later from a bank transfer?

*Are non high streets banks that are recommend here secure and efficient comparably in all measurable ways to high streets regulars?

Thank you

Brie

So this is money that has actually left to you rather than money that you need to distribute to others?  

Assuming the first it will depend on how much you've inherited.  If it's over £85k you might need to look at more than one account to ensure you get full protection of your cash.  

Then have a look at the high interest savings accounts suggested on this site.
Best savings accounts: 5.17% easy access or 4.8% fixed rates
You'll need to decide if you want to tuck the money away so that it can't be touched for a while (good idea if things are extra fractious right now) and how much you'll want as easy access. 

For what it's worth I like my Santander account as it's easy to manage online.  But others will have their own preferences.  I've got friends that work for some of the online only banks but have never used those myself.   And in some ways it makes little difference as there are fewer real banks on the high street.  If you are uncomfortable with some brands (lots I wouldn't recognise) then maybe stick to something you know for now and look at switching at a later date.

Maybe put a bit in the Premium bonds too just for a bit of fun?  I like the idea that my little portion in there might actually make me a millionaire some day.  

Sorry for your loss.  It's always a stressful time with a lot of things that suddenly need to be sorted.

jimjames

Henrta said:

Two questions:
*If it's all confusing am i fine putting it all into my standard account and starting bank accounts with deposit bonuses later from a bank transfer?

Not sure what you mean by deposit bonuses as I'm not aware of any that offer that in the UK. Probably better off just putting it in the best interest paying account but that won't be a current account. Link in post above

Eyeful

Only UK-authorised Banks, Building Societies, Credit Unions are covered by the FSCS Protection up to £85K.

Follow these to steps.to check you are protected.
 1. Type their name into the FDA register below.
     This will give you their unique Firm Reference Number (FRN)
https://register.fca.org.uk/s/

2. Type their FRN or name into the FSCS Savings Protection Checker below & how much you will be depositing
     Then you hit the "CHECK NOW" button, you will see how much is protected.
https://www.fscs.org.uk/check/check-your-money-is-protected/

This link may be of interest to you:
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

Sorry about your loss.