What do i do with £15,000?

mandymandy_2

Hello, i hope you don't mind if i just jump in!

I just don't know what to do!
My dad sadly passed away last year with Stomach Cancer. His illness was detected very late and he died within a few months of diagnosis.
He was a very shrewd man who was very good with his finances; to the point that he left me £15,000 in his Will.
If received the cheque just a couple of weeks ago and the envelope has sat un-opened, glaring at me, for the last three weeks.
I just don't know what to do. I know I should get into the bank, but which one and what kind of account? It's a mindfield! I just want to make him proud and not squander it.
If my dad was still with me, he would be the one I would ask :-(


Please, can someone give me some advice?

Regards, Mandy

Lokolo

Obviously your dad really loved you giving you that much money, but what would you want to be done with the money if your son/daughter (imagine if you will) had it when you passed away? Think of it like that.

I know if I passed away and gave that sort of money away I would want them to go have fun with it, but thats just me. Maybe your dad would want you to secure a future with it instead? Just think about what you think he would want you to do with it.

stevedb11

Hi Mandy,
Sorry to hear about your bereavement, I'm sure your Dad would have wanted you to get a good return on you savings,as you say he was a Shrewd man.
I presume you have a PC as you have posted on here, so my advice would be to have a look at Internet savings accounts, this one from Birmingham Midshires is paying 6.5%, here's the Link.
http://www.askbm.co.uk/savings/i/easy/product.asp?id=151
Also you can put £3600 in a tax free ISA this year, so you may want to consider that in the first instance.
Hope this helps. Regards Steve.;)

Lorne

Sorry to hear about your loss Mandy, we are in a similar position awaiting an inheritance. We have decided to put it away into savings until life has calmed down and we can think about what to do with it with a clear head. The first £3,600 is heading straight into ISA's and the next lot into high interest instant access accounts. That way we are keeping it safe and out of the current accounts risking squandering it but still earning interest. We felt it was just too soon to plan what to do with it that we thought sitting on it was for the best, sounds like you are in a similar position. I'm sure when the right time comes to use it effectively you'll know what to do with it.

[Deleted User]

In addition to an ISA (first port of call with it being tax free savings, see http://www.moneyfacts.co.uk/savings/bestbuys/mini-cash-isa.aspx), I'd then put some in a Short Term Fixed Rate Bond (no withdrawels for the period you select however in general they're high interest accounts, see http://www.moneyfacts.co.uk/savings/bestbuys/short-term-fixed-rate-bonds.aspx) and the rest in a instant access savings account (see http://www.moneyfacts.co.uk/savings/bestbuys/internet-savings-accounts.aspx)

Jonbvn

On the assumption you will save/invest the money, I would put 3.6k into a cash ISA. The rest I would put into index linked saving certs, which are also tax-free.

mandymandy_2

Hey, Thank you all so very much. The first thing will do is put money in an ISA, as you have all suggested. I'll try and do that this weekend, if i can.
I'm gonna check out the other suggestions also.
Thank you again.
Mandy x