Best way to make my money work for me

Darcy968

I recently came into inheritance through several streams and Im struggling to discover how best to make it work for me. I have narrowed down £400k to invest and am open to savings accounts or minimal risk investments and Im ashamed to say I don't really understand ISA's so am none too sure whether this would be right for me. I have just started too look for an IFA but on any financial or business matter I always prefer people that have been recommended to me so with the process being early I haven't found on yet. Thank you in advance 

eskbanker

The UK Personal Finance Flowchart - UKPersonalFinance Wiki is somewhere to start, but yes, an IFA, preferably personally recommended, should add value.

Spending some time on this forum (not just the ISA subforum but the main savings one) should also help, as it's not an uncommon question - you'll see that it's usually emphasised how important it is to establish what your objectives are for the money, with timescales, etc.  ISAs are indeed a useful tax shelter for many but only for up to £20K/year, so may be a part of the solution for you, but only a small component, so it's the big picture that matters here....

ShazzaDazza

hi there
there are some things you can do for yourself,  ie utilising cash ISA allowances but you may need  to get professional advice depending on your own life goals for that amount of cash. The name of the game is to beat inflation in the interests or growth in your investment, but the IFA will help you plan your investments into different risk and reward options that work for you.
there are links to find IFA qualified services and you can ask for an intro call with 2 or 3 different firms to check you like them, what their track records are like or what their strategy/advice fit is for you. Be choosy,  as you must trust who is looking after your money  
Good luck! 

Albermarle

As said, the starting point is what you want to do with the money.
Bigger house?
Big new car?
Lots of holidays?
Use it so you can retire early?
Leave a large legacy for family/friends/charity?

This will lead to time scales, ( and your age is also a factor too) which are important in deciding what is the best place(s) for the money.

tonypyorkshire

Condolences on your loss.

While you decide what to do perhaps it might be wise to put the whole lot into a NS&I saver account.

That way you'll earn some interest (not a market beating rate) but the whole amount will be protected (rather than the current FSCS max of £120k)

And take your time deciding what to do! 

eskbanker

tonypyorkshire said:

While you decide what to do perhaps it might be wise to put the whole lot into a NS&I saver account.

That way you'll earn some interest (not a market beating rate) but the whole amount will be protected (rather than the current FSCS max of £120k)

FSCS protects up to £1m for up to six months for certain qualifying life events, one of which is inheritance:

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

Edit: actually £1.4m now, as pointed out below.

tonypyorkshire

eskbanker said:

tonypyorkshire said:

While you decide what to do perhaps it might be wise to put the whole lot into a NS&I saver account.

That way you'll earn some interest (not a market beating rate) but the whole amount will be protected (rather than the current FSCS max of £120k)

FSCS protects up to £1m for up to six months for certain qualifying life events, one of which is inheritance:

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

Well how about that?! Every day is a school day here!

ircE

eskbanker said:

tonypyorkshire said:

While you decide what to do perhaps it might be wise to put the whole lot into a NS&I saver account.

That way you'll earn some interest (not a market beating rate) but the whole amount will be protected (rather than the current FSCS max of £120k)

FSCS protects up to £1m for up to six months for certain qualifying life events, one of which is inheritance:

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

As that very link says, the temporary high balance protection limit is now £1.4m, having risen at the same time as when the normal deposit limit rose to £120k.

eskbanker

ircE said:

eskbanker said:

tonypyorkshire said:

While you decide what to do perhaps it might be wise to put the whole lot into a NS&I saver account.

That way you'll earn some interest (not a market beating rate) but the whole amount will be protected (rather than the current FSCS max of £120k)

FSCS protects up to £1m for up to six months for certain qualifying life events, one of which is inheritance:

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

As that very link says, the temporary high balance protection limit is now £1.4m, having risen at the same time as when the normal deposit limit rose to £120k.

Doh!  So used to quoting the round £1m, I didn't even open the link when posting it, post updated accordingly....