Advice on what to do with small inheritence

Hi all!

I am looking for some advice as I haven't a clue when it comes to money. I am soon to receive an inheritance of £15,000, and I am unsure what to do with such a sum of money! I haven't yet decided what proportion of it I will "save", but I was wondering if anyone had any advice on what to do with this money?

I am 19 by the way.Thank you!

Reply 1

Elivercury

Throw the maximum amount you can into a help to buy ISA (£1200), put the rest into a high interest current account (4-5%) that will feed the ISA (£200) monthly. Don't touch it.

Reply 2

username1884577

Original post by Elivercury

Throw the maximum amount you can into a help to buy ISA (£1200), put the rest into a high interest current account (4-5%) that will feed the ISA (£200) monthly. Don't touch it.

Thank you for your reply! I should have mentioned that I'm sorted on the housing front, and so putting money aside for buying a property etc isnt for me!

Reply 3

Elivercury

Original post by A-LJLB

Thank you for your reply! I should have mentioned that I'm sorted on the housing front, and so putting money aside for buying a property etc isnt for me!

In that case throw it all into a current account.

It sounds ridiculous, but with the government move to give people a tax free interest allowance and some current accounts offering as much as 4-5%, they actually outperform ISAs at the moment.

I believe the Santander one is probably your best option as (off the top of my head) it will give 4% on £3,000-20,000. Best checking with somewhere like moneysavingexpert though as it's a pretty fluid market and things may have changed.

Reply 4

Reue

Original post by A-LJLB

Thank you for your reply! I should have mentioned that I'm sorted on the housing front, and so putting money aside for buying a property etc isnt for me!

Is the housing fully paid off? If not; mortgage overpayment.

Otherwise seek to pay off any other debts before then saving.

Reply 5

username1884577

Original post by Reue

Is the housing fully paid off? If not; mortgage overpayment.

Otherwise seek to pay off any other debts before then saving.

Yeah, I'm one of "those" who is extremely lucky to be given a flat from my grandparents.

I'm only 19 and so have no debts, although that will change following uni

Reply 6

Snufkin

Universities Forum Helper

If you don't need the money, have a flat and have no debts/mortgage to pay off then I'd put it in a Stocks and Shares ISA.

Reply 7

username1799249

Original post by Snufkin

If you don't need the money, have a flat and have no debts/mortgage to pay off then I'd put it in a Stocks and Shares ISA.

But not until after the referendum. It could be rather volatile afterwards depending on the result.

Reply 8

jamesthehustler

Original post by A-LJLB

if i was you i'd buy some tangible metals so go to a professional and buy some gold and some silver bullion say
a 1oz gold bar
a 1oz gold coin
a few sovereigns or half sovereigns
a few silver bars say 250g, 500g and a kilo or two
up to about 5 grand and put it in a safe as over a few years it will only gain value
then put the other 10k in a decent interest account and leave it after you have bought something functional so maybe a piece of gold jewellery or a nice watch purely to treat yourself and look more professional

Reply 9

Rakas21

With £15k i would find the highest interest savings accounts and split my money between them, you have no tax on them with that level of money.

Reply 10

TheSaint1995

Mate. Sort yourself out. Go to the bank say you would like to place your money in a 3 bonds place 1k in a high risk 4k in med risk and 10k in low risk and in 10 years youl have 2.1mill hahaha I just plucked that figure out my ass but honestly bonds are the way to go

Reply 11

Platopus

Original post by A-LJLB

Have you considered investing in premium bonds?

Reply 12

username1884577

Original post by Platopus

Have you considered investing in premium bonds?

I had, my grandparents used premium bonds when saving for me.

However I think I have decided to just spread the money to get the highest interest with whatever I decide to save, thank you though! :h:

Reply 13

Emma:-)

Entertainment Forum Helper

Original post by A-LJLB

If there is anything you need, such as a car, insurance etc, then you could put some money towards that. Id put the rest in an ISA (you can put up to £15,000 a year in one)

Reply 14

Elivercury

Original post by Emma:-)

If there is anything you need, such as a car, insurance etc, then you could put some money towards that. Id put the rest in an ISA (you can put up to £15,000 a year in one)

ISAs aren't as great as they used to be now that everyone has a tax free savings allowance and current accounts tend to be offering higher interest rates than ISAs.

The obvious exception being the help to buy ISA which I would recommend highly to anyone, but the OP already clarified they don't need this as they already inherited a place.