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What to do £20,000

rjtyrell
rjtyrell Posts: 116 Forumite
in Savings & investments
Hi all,

I have inherited £20,000 and am wondering what I should it with it.

Over the years I have had the Nationwide Flex 5% so cannot get this again.

I see the Government Bond is 2.2% up to 3k, and Nationwide do 2% unlimited.

Or another option is pay a lump of my mortgage.

All advise welcome.

Thanks,
Student Loan - £2200, Cleared June 2008 :D

Now saving for my future!!

Comments

  • teddysmum
    teddysmum Posts: 9,530 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    rjtyrell wrote: »
    Hi all,

    I have inherited £20,000 and am wondering what I should it with it.

    Over the years I have had the Nationwide Flex 5% so cannot get this again.

    I see the Government Bond is 2.2% up to 3k, and Nationwide do 2% unlimited.

    Or another option is pay a lump of my mortgage.

    All advise welcome.

    Thanks,
    You can have another Flexdirect at 5%,after 12 months.


    Have a look at the dozens of threads giving information.


    Personally,I would pay a larger amount towards the mortgage,as it reduces future debt.
  • Lungboy
    Lungboy Posts: 1,953 Forumite
    Part of the Furniture 1,000 Posts
    Do you have a pension?
  • rjtyrell
    rjtyrell Posts: 116 Forumite
    Yes have a work pension and also a small private one.
    Student Loan - £2200, Cleared June 2008 :D

    Now saving for my future!!
  • Sean473
    Sean473 Posts: 88 Forumite
    Fourth Anniversary 10 Posts
    rjtyrell wrote: »
    Hi all,

    I have inherited £20,000 and am wondering what I should it with it.

    Over the years I have had the Nationwide Flex 5% so cannot get this again.

    I see the Government Bond is 2.2% up to 3k, and Nationwide do 2% unlimited.

    Or another option is pay a lump of my mortgage.

    All advise welcome.

    Thanks,

    There is also the nationawide 5% regular saver..
  • elephantrosie
    elephantrosie Posts: 467 Forumite
    example of government bond?
    Another night of thankfulness.
  • ColdIron
    ColdIron Posts: 10,325 Forumite
    Part of the Furniture 10,000 Posts Hung up my suit! Name Dropper
    This one specifically
    https://www.nsandi.com/investment-guaranteed-growth-bonds
  • jimjames
    jimjames Posts: 19,117 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If you don't need the money in the next 5 years or so and already have sufficient emergency funds then you could look at S&S ISA options.
    Remember the saying: if it looks too good to be true it almost certainly is.
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