Small inheritance of 4-5k. What would you do?

[Bluewavescrashing]

Sadly my nan passed away several months ago. She has kindly left me some money which I will receive soon.

I'm not sure what to do with it, though very grateful. Can I set up a bank account with instant access if I'm not paying a salary into it every month? (I already have a current account).

I'll probably save it for now and might spend it on a post covid holiday.

Unless you have anything desperate that you can't afford like your roof is leaking, you have a credit card that you're struggling to pay or similar, I'd save it and have a fabulous holiday when all this is over!

Premium bonds

I would say premium bonds too. Interest rates are practically 0, so even if you do save it, it's not going to earn much interest anyway.

If there is anything you really want then you should spend some of the money. Say £500- £1k and save the rest.

Premium bonds

Depends. Do you need anything in the house? I like the idea of nan buying you a lovely kitchen table or some beautiful bookcases, for example.

It would be lovely to buy a piece of jewellery with a bit of it.

Save some for a holiday and maybe get away for a night or two too.

We had an inheritance come through a few weeks ago. After doing a few things with it. We decided to keep most of it for now in savings. The world is an unpredictable place right now. And I feel much happier and safer surrounding myself with as much money as I can. My husbands and my jobs are stable ones and not something that the virus has made a mess off. But u never know. Keep it safe. At the moment I just don’t know when u might need it.

I’d probably use 10% to treat myself and the rest would top up my pension/pay down mortgage/other sensible thing.

Why can’t it go into your current account?

Depends on your circumstances, saving, how secure is your job?
If all of that is OK... If it was me I'd spread it around my various pots.
Some into holiday fund, some into bday fund... Some into savings, stocks and shares isa, some for personal.

I'd only put all that on one I holiday if I had thousands behind me in other savings.