Inheritance?

[katzwhiskaz]

Iv'e inherited £20,000, any advice on where to put it to receive the best interest? I'm hopeless on money matters so please keep it simple

[puzzlemaniac]

depends on when you'll want to spend it / some of it. Generally speaking, the longer you're prepared to lock it away, the better the interest rate.

Have a look on moneysupermarket.co.uk or various other savings comparison sites, which will highlight the rates and terms on offer

[CJHorse]

If you put it in an interest-bearing account you'll be lucky to beat inflation, so your money will lose value. For most of it you would be best advised to speak to a reputable financial advisor ('IFA'). They won't normally charge you for an initial consultation.

In case you are wondering I am NOT an IFA.

[AB Editor]

Also, the Santander 123 current account gives you 3% in their current account if you have over £10K in there.

It's an exercise in will power to to spend it from a current account, obviously :) - but it's not a bad rate.

[anneasquith]

spend some, save some,

[woofgang]

you might look at M and G if you want a bit of a gamble, the better the possible return, the higher the risk. I've got some in there and some in premium bonds

[factor-fiction]

It depends on what your current financial position is and what your needs will be over the next few years. If you have any debts where the interest rate is above 2-3% then use pay a large chunk (or all) of these off first. I wouldn't spend money on an IFA for a sum of this amount- the fees will outweigh the benefits. Santander 123 is well worth looking at

[boxtops]

You'll be able to put a good amount of it into an ISA after 5 April, so you won't pay tax on the interest (not sure what the limit will be for 2014-15, but I am sure someone else can tell you!)

[Sipowicz]

Do you pay income tax?

[Sqad]

\\\\I'm hopeless on money matters so please keep it simple\\\

Put the whole lot in Premium Bonds.

[sandyRoe]

I agree. ^ Anywhere else interest rates are rubbishy and with premium bonds you could expect a regular flow of small prizes and you're always in with a chance of a big win.

[andy-hughes]

You might want to consider property.

A terrace in a university town will breing in good income, you can get a letting agency to do the day-to-day stuff, and you pay tghe mortgage and akways have a saleable asset.