Inheritance

Lemonadedrinker

On Friday I am recieving 20K in inheritance and another 20k in April. Can I have advice on which are the best accounts to place my money until I decide what I want to do with the money. It needs to be instant access. Thanks for any advice given in advance 

Middle_of_the_Road

The top interest rates at the moment are ISA accounts, which would be best if you are liable to pay tax on savings.

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

Right now, basic-rate taxpayers need around £20,000 in top normal savings to exceed the personal savings allowance (PSA) (half that if you’re higher-rate) and therefore pay tax on savings interest. So, cash ISAs – a type of savings account where you never pay tax on interest – are particularly useful right now. And some top cash ISAs even pay higher rates than normal savings.

Every UK adult can put up to £20,000 into one each tax year – so if you’ve enough savings to exceed your PSA (or soon will), or if you’ve not yet used this year’s allowance (you’ve until 5 April), they’re winners. Our top pick is Chip's 5% easy-access cash ISA (includes six-month fixed rate bonus, unlimited penalty-free withdrawals).

What if a cash ISA isn’t right for you? If you've already used your ISA allowance, or there's some other reason you don't want a cash ISA, here's what we'd go for instead...

Top rates on normal savings. Savings and investment app Sidekick pays the top rate for unlimited withdrawals at 4.59% (click link for more info) – or for a online account with a lowish minimum deposit there's Kent Reliance's 4.55% (min £1,000). If you won't need regular access to your savings, Monument Bank pays a higher 4.75% with three penalty-free withdrawals/yr (min £25k).

Bigwheels1111

Do you have an isa this year ?. If no Chip, their isa is easy access and near instant withdrawals at 5% with bonus.
Or Trading 212, 4.78% with bonus. Near instant withdrawal. Does state up to 3 days, only taken minutes so far.
Look here for multiple options.
Plus you can open another isa on the 6th of April for another 20k.
Always select, Sort to rate.

Easy access isa.

https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

Easy access.

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

Lemonadedrinker

I have set up chip isa, ive tried to send my money from my chase account and chase are saying thru txt 'your payment to chip hasn't been made, their account cant accept payment' does that mean I need to use a different bank to send my payment . I only have a nationwide account as well as my chase 

Bigwheels1111

Lemonadedrinker said:

I have set up chip isa, ive tried to send my money from my chase account and chase are saying thru txt 'your payment to chip hasn't been made, their account cant accept payment' does that mean I need to use a different bank to send my payment . I only have a nationwide account as well as my chase 

Ive sent money to my Chip isa, via, TSB , Nationwide, F Direct & starling.

But what you are doing wrong is, I believe, Trying to send money to Chip.

You need to request money via Chip.

Login, Go to isa, Top left blue cross ADD money.

That should solve your issue.

Lemonadedrinker

That method says only safe for under £5000 transactions. So i should do that method 4 times to add my £20000

Bigwheels1111

Lemonadedrinker said:

That method says only safe for under £5000 transactions. So i should do that method 4 times to add my £20000

There are 2 options there, but four payments are ok.
I put 81k in via one transaction.