Savings/Investment Advice

andrewj2202

Good evening. My ex and I are selling the house that we shared when we were together. There is some equity in the property that we still be splitting. I do not need to purchase a new property as I will be moving in with my girlfriend. 

I would like to know what is best to do with the money I received from the sale of the house I am currently in please? I don’t really want to risk it but am wondering if there is something better to do than just ‘sit on it’. 

Thanks in advance

wmb194

andrewj2202 said:

Good evening. My ex and I are selling the house that we shared when we were together. There is some equity in the property that we still be splitting. I do not need to purchase a new property as I will be moving in with my girlfriend. 

I would like to know what is best to do with the money I received from the sale of the house I am currently in please? I don’t really want to risk it but am wondering if there is something better to do than just ‘sit on it’. 

Thanks in advance

The first place to look at is a savings account. When you look at the tables make sure to change the 'sort' filter to 'rate.'

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

LHW99

Usually the suggestion is:

a) Emergency fund, instant access, 3-6 months salary (for when the boiler blows, sudden job loss etc)

b) Pension - because if you pay into a pension you get tax relief added by HMRC (sometimes a bit extra from an employer too)

c) anything you might need in the next 5-7 years in building society / bank fixed rates (1 year, 2 year etc)

d) anything you won't need for 10 years+ in investments such as S&S ISAs

a) and c) could include cash ISAs, LISA or premium bonds

d) - If you have all the rest filled, and want more than £20k pa in investments, then a trading account (GIA) - but you need to keep good records!