£70,000 sitting in account

[DownstairsMixUp]

Anyone savvy with money know if there's anything I should be doing?

I lost my dad earlier this year and as he did not retire, me and my brother each got £70,000 each. The solicitor involved due to the way he died is going for a claim in court which could also get us another 25,000-£125,000 each. We don't know when this will be over right now.

I'm studying and still have two years to go and me and my husband own our own home. We are not sure if we will stay in this area so have just got the money sitting in my savings which has a 0.05% interest rate. We have decided that once I've qualified and the solicitor money comes through we will need to decide whether to just buy the rest of our home or obviously sell and go elsewhere.

In the meantime, is there anything I can do with the 70,000 for two years? I'm not from a money background so to have this sort of money sitting in my account is weird. Is it best just leaving it in the savings account? A brief Google tells me interest rates aren't great right now. Any ideas?

I would forget about savings/isa etc and buy a house for rental (add on a buy to let mortgage) . It will not only give you an income but will return the investment when you sell in a couple of years - plus any increase in equity.

However, its not completely easy money and you have to be prepared for some hassles.

Nikhedonia

When I and I am sure other people said to put her money into a stocks and shares isa it would be in index funds, spread across whole markets and types etc.

Mumble chum, I got into it Scottish mortgage at the right time and mine is also near 100%!! If only I had put more into it - I could have sold it and paid for a new cheap kitchen. Telsa has gone or is going into the s and p anyway so I will own part of it there with vanguard s and p index fund....

S M is my gamble fund along with fundsmith and lindsell train, most is invested in very stable and safe huge index funds.

When I and I am sure other people said to put her money into a stocks and shares isa it would be in index funds, spread across whole markets and types etc.

Yes, those products are designed for 5+ years, not for 2 years. And all of those risks I listed would apply.

If you pay off your mortgage could you get it ring fenced in case of divorce?

Index tracker funds. Diversify. Property.

Speak to an IFA.

Stocks and Shares ISA is much better than premium bonds

@optimisticpessimist01

Stocks and Shares ISA is much better than premium bonds

When she wants to use the money within 2 years? In the first two years of Brexit?

Some of this advice is so bad. Cryptocurrency shorting? Come on. OP is a novice asking for basic advice. This is a recipe for disaster.
I am not in Britain, but interest rates on mortgages in the US are so low and here you can claim some mortgage interest off your taxes so paying into the mortgage may not be best.
Also, I don't know the rules in GB but in the US inherited money can be ringfenced even if you are married so long as it is never comingled. I wish you a long and healthy marriage but I think it is always a good idea to keep this kind of money separate if you can--at least a portion of it.

I would set some aside for an emergency fund, put some in a pension, some in bonds, and the rest in a managed stock fund and just let it grow.

@blisstwins

Some of this advice is so bad. Cryptocurrency shorting? Come on. OP is a novice asking for basic advice. This is a recipe for disaster. I am not in Britain, but interest rates on mortgages in the US are so low and here you can claim some mortgage interest off your taxes so paying into the mortgage may not be best. Also, I don't know the rules in GB but in the US inherited money can be ringfenced even if you are married so long as it is never comingled. I wish you a long and healthy marriage but I think it is always a good idea to keep this kind of money separate if you can--at least a portion of it.

I would set some aside for an emergency fund, put some in a pension, some in bonds, and the rest in a managed stock fund and just let it grow.

Bit ironic saying other people's advice is bad (although tbf you have a point about the cryptocurrency) and then continuing that a) you are in a different country b) don't know about British tax/interest rates and c) then proceed to give completely irrelevant advice (no we can't claim mortgage interest off taxes

OP, yes interest rates are very low, but better at 0.7% which I think is the highest easy access atm, than 0.05% so at least move it a better easy access account if you do nothing else. And I would definitely pay at least the minimum you won't get charged for off your mortgage as whatever that interest rate is is almost always going to be higher than any savings rate atm.

And I'm sorry about your dad. Have you thought about spending a small amount of it on something as a momento? Obviously depending on what he liked, but if you got something like whisky or a nice watch could possibly even be an investment too...