Lump sum from will

trickydicky14

Robert7578 said:

I looked at the NS&I website, 3.75% with the whole amount covered would be fine for me, I could also have a higher interest account for my accessable money . 

In the longer term i plan on buying £100k of woodland , putting a sheperds hut in there as a nature retreat .

The woodland thing, lovely idea but do be careful lots of scams around and woodland also needs maintenance over the long term and even owning the land you may have issues putting a sheperds hut on the land. Going down this path does have it's issues but a lovely idea good luck.

Albermarle

In the longer term i plan on buying £100k of woodland ,

I would tread very very carefully with this idea. At the very least get proper professional advice, even if it is costly.

It seems a bit at odds with what was said in the OP.

I don't want to invest it or play risky games with it

boingy

You don't say how old you are but you should consider putting a chunk of that money into a pension.

Robert7578

Albermarle said:

In the longer term i plan on buying £100k of woodland ,

I would tread very very carefully with this idea. At the very least get proper professional advice, even if it is costly.

It seems a bit at odds with what was said in the OP.

I don't want to invest it or play risky games with it

What is the risk in buying land or woodland ?

Albermarle

Robert7578 said:

Albermarle said:

In the longer term i plan on buying £100k of woodland ,

I would tread very very carefully with this idea. At the very least get proper professional advice, even if it is costly.

It seems a bit at odds with what was said in the OP.

I don't want to invest it or play risky games with it

What is the risk in buying land or woodland ?

Apart from potential scams ( like buying from someone who does not actually own the land) and difficulties getting accurate valuations, there are lots of points to look into.
Some of which are mentioned on this website.
Woodlands - Bennett Oakley

Note this statement on that website.

Building a residential dwelling in woodland is extremely rare and usually only permitted if:

Robert7578

I am at the point where this money will soon be paid out to me, it is going in an NS&I bond , but i see issues with such a large sum being transfered

1.Will bank transfer do 300k in one go or is there a limit ?

2.Can that amount be paid into a basic Natwest current account if necessary before i apply for a NS&I bond ?

3.How does the NS&I bond application work, is an account opened and you transfer into it from your bank or can the money i am receiving from the executor of the will go straight to NS&I?

My local bank branch has closed and the online banking app is just AI nonsense.

Bigwheels1111

https://forums.moneysavingexpert.com/discussion/comment/81937558#Comment_81937558

Nice to see you shootings your self in the foot.

£300,000 @ 4.07% =0.0407 £12,210 interest.

Chetwood bank 4.45% on 120k, = £5,340

Hodge bank 4.42% on 120k, = £5,304

Close brothers 4.40% on 60k, = £2.640

Total = £13,284.

£1,184.00 more interest with no more risk.

Let alone if you could fix for 3 years as Market Harborough is offering 4.75%.

2 years 4.65%.

Any bank can accept a 300k transfer in.

Paying out could be an issue, some have limits, 50,000 a day etc.

Chaps will send large amounts but you pay a fee.

No comes the fun bit, fraud checks by your bank.

My bank held up 3 payments for 5 days, 250k just disappeared as such.

Made them pay me interest on the amount and £100 good will.

One last thought, with interest over 10k a year you will need file a self assessment return with HMRC.

Robert7578

https://forums.moneysavingexpert.com/discussion/comment/81937596#Comment_81937596

My choice is based on one easy to manage account as I have no interest or ability to run multiple accounts and chase interest rates.

DRS1

You never answered the questions about ISAs. If you have not already used your ISA allowance for this year, you could get £20k in an ISA this tax year and £20k in one next year (all in the space of two weeks). The interest would be tax free.

Yorkshire Building Society emailed today about a Fixed Rate ISA paying 4.2% until 31 May 2027 but there may be better ones out there. Link to account details

Product Details | Savings Product Finder | YBS

Robert7578

https://forums.moneysavingexpert.com/discussion/comment/81939889#Comment_81939889

The answer is no, I only want one account , pay the lot in and forget about it as long as the interest is reasonable.