Where best to put a smallish lump sum?

weekendsaway

Ive 20k coming my way, well a bit more but I have a small loan and and a few bits and pieces Id like to clear and a few things Id like to do so I think 20k can be put away - if its worth it?

Im 60, own house outright, work PT 20hrs NMW and claim a small NHS pension. Obviously been paying into the workplace pension - not a lot. Have enough stamp for full state pension

Is it worth trying to get the money to "work" for me? And if so what should I be looking for/at?

Never in my life have I seen so much money , so Ive never looked at savings or anything before so sorry if I sound ignorant

eskbanker

The Flowchart - UKPersonalFinance Wiki may be a good place to start if you're looking for ideas....

twopenny

£20,000 is the right amount to put into an ISA and earn a reasonable interest.

I know there's a few about but Yorkshire Building Society do an Easy Access Saver giving 4.35%. Withdraw as often as you want, close without penalty.

ISA no tax to pay. You can have the interest paid into your bank account - or another savings account - or leave in the ISA and get interest on the interest

https://www.ybs.co.uk/savings/compare-savings-account-rates?cmpid=ppc-GOOGLE-YBS+|+Google+|+Brand+|+Exact-yorkshire+building+society&gad_source=1&gclid=EAIaIQobChMI5_L0qd71igMVMpZQBh1pxBLNEAAYASABEgK8UPD_BwE&gclsrc=aw.ds

Something like that would be a good start to learn and while you do start looking at different savings rates and such.

But whether you do that quickly you can put the money in a banks ISA with a low rate while you are looking and transfer it when you need to.

Just be

Who knows, looking for better interest rates may become your new hobby