What to do for mum who has inherited 100k

[Esbm2015]

My mother has just inherited 100k and I’m looking for advice on how best to help her invest this.

It’s all the money she has as she is not working at the moment and isn’t at the age to start drawing a pension.

Ideally I’d like to put some of the money into an account where she would get a good return perhaps monthly or yearly as she’ll need the rest to pay for bills etc

I’ve no idea which banks are good or anything really about money so any advice or tips would be most welcome.

Not really sure she has the spare cash to get an independent financial adviser.

Firstly she needs to go slowly, don't make any rash decisions. Park it across two bank accounts so it is protected by FSCS.

Any debts? Those would be the first thing I would look at. Any mortgage?

Finding funds that pay enough to live on will be tricky, market has recently been fairly high and has now taken a bit of a dive. Ups and downs in the market are to be expected... investments are therefore long term 5+ years at least. Investment may not give any return at first, it may lose money. So if needing money to live on, some needs to be held in cash (in a bank) which will have a rate of interest that is probably less than inflation.

Have a listen to podcasts such as Meaningful Money and Money To The Masses. Learn as much about investing as you can. For now park the money somewhere safe.
MSE has a list of banks which share banking licence - thus which banks to only have one account with as FSCS is per banking licence.

What is she currently living on? If she is on benefits I understand she will lose them and need to start using her own money to live but someone else will know far more than me.

My DM put £40'000 in premium bonds. She wins between £25 and £100 per month which I think is better than interest rates.

Ask a financial advisor about prufund. It's a Prudential fund only accessible through advisors. It can provide an income - on £100k it would be approximately £5k a year.