Help! Large amount of inheritance - where do I put it?

Margaret_Skinner

I am receiving over 100 grand of inheritance soon and am getting confused as to where to put it.

It will only be somewhere for a short time as I am going to use it as a deposit for a house so we're talking months. I've been wading through the stuff on ISAs but am not clear if they're for large amounts or not?

I've got £90,000 through this weekend and will be putting it in my Bank of Scotland savings account (5% interest). Should I open an ISA account? Or an ISA account for £3,000 and a top rate interest savings account for the rest? Or just leave it where it is?

The rest should be coming around April/May time and I'm hoping to get a house by that time - certainly by the summer.

Any advice or info gratefully received.

Stavros_3

Definately put 3k into a mini cash ISA before 5th April and then another 3k after that date

Jonbvn

Stavros wrote: »

Definately put 3k into a mini cash ISA before 5th April and then another 3k after that date

You are allowed to put £3.6k into a cash ISA from April.

Anyway, after filling up your ISA's then you should put the rest into high interest savings accounts. To avoid a Northern Rock problem, most people are advising not to put more than £35k in any one bank.