What to do with inheritance

Rosslawrence
Rosslawrence Posts: 1 Newbie
in Savings & investments
Hi all!
I recently received ~£50k as inheritance from my later mother. I am a 20 year old student, so would like to keep ~£5k as back up spare accessible money for when I graduate, but apart from that my finances are quite secure.

I have started a LISA, and a Natwest FlexDirect (5% AER on £2.5k for first year), but I am not sure as to the best way to save the rest of it!
Any advice would be much appreciated!!!

Comments

  • Linton
    Linton Posts: 17,160 Forumite
    Name Dropper First Post First Anniversary Hung up my suit!
    I suggest you dont do anything long term with the money until you have graduated and started your first job when your financial and life circumstances will be clearer. So perhaps a 2 or 3 year fixed rate deposit account may be worth considering.
  • Alexland
    Alexland Posts: 9,653 Forumite
    First Anniversary Photogenic Name Dropper First Post
    edited 17 April 2018 at 10:20AM
    Rosslawrence wrote: »
    I have started a LISA, and a Natwest FlexDirect (5% AER on £2.5k for first year), but I am not sure as to the best way to save the rest of it!

    Even with the LISA bonus opportunity be careful as your future employment may cause you to move into an area where the £450k property price limit would become a problem. Although this sounds a lot of money it is unclear if the government will make any adjustments for inflation in future (they didn't with the HTB ISA).

    I assume your Natwest is a typo and you mean Nationwide? Nationwide also offer a 12 month regular saver where you can deposit £250 per month at 5%.

    Alex.
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    I'm a fan of local building societies. For instance, if you live in East Anglia look at the Saffron, the Ipswich, the Cambridge, and the recently-arrived Nottingham.

    Some of the never-'eard-of-'em banks offer good interest rates: in your shoes I'd do a bit of investigating before I trusted much of my money to them.

    Don't let anyone persuade you to open a pension yet: that can await your first job, when your employer will also contribute to it.
    Free the dunston one next time too.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards