What can i do with my inheritance??

mystery110

I have recently been given my inheritance from my grandmother.
I have £15k to invest/save, currently its in a First Reserve savings account with Natwest but I was thinking about opening an ING Direct account which has an interest rate of 4.75%, but am not sure this is the best thing.
Can anyone give me any ideas about what I could do with this money that will give the best returns.

Thanks in advance
Emma

dunstonh

Well, you need to decide if you intend to invest or save. Think about what its going to be used for in the future and when. Once you have a clearer idea of that, you can then investigate your investment options.

mystery110

Think saving is probably the safer of the 2. and i dont want to risk any of it

YorkshireBoy

mystery110 wrote:

Think saving is probably the safer of the 2. and i dont want to risk any of it

Check out the savings best-buy tables at...

https://www.moneyfacts.co.uk

ING is good, but it can be beaten!

JEC

As is mentioned elsewhere on this site - consider drip-feeding it into a variety of regular savings accounts. However, if you have no definite plans for it and are prepared to put it away for the long-term, I would review the investing bit.

FairyElephant_2

It depends how quickly you are going to want to access the money.....

What I would do is:

First stick 3k into a mini-cash ISA - it is tax-free and 'safe' - check out which one offers yoy the best options, eg if you want to be able to get to your money if necessary, you don't want to pay penalites for withdrawing early.

Put the rest into the best interest-paying savings account you can find....but set up as many 'monthly savings' as you can find that pay weel, and 'drip feed' them from this account - (eg. Halifax reg saver you can pay in 250 per month and it pays 7% at the end of the year). Then top up your ISA (or start a new one if the rates are better somewhere else) every tax year.

You won't make a million, but your money is 'safe' and the interest will grow......but if you want to have a chance then buy 1k worth of premium bonds - you won't lose the 1k and you could win a million if you were very very very lucky!

mystery110

Thanks Fairy

Robert_Sterling_3

If you are not on the property ladder I would advise you to take steps to get on the ladder.

mystery110

you cant buy much for 15k tho