What to do with £20k?

[Jane567]

I recently received £20k from health insurance after my mum died and I’m not sure what to do with it. We are considering getting a side return extension on our terrace house (will probably have to save/borrow another £10k, but we won’t have this opportunity again). In the mean time, or while we decide, where should I put this money?!

There are some instant access savings accounts that earn about 1% interest at the moment. I'd probably pop it in there until I decide what to do. They are quick and easy to set up.

NS&I.
Have a look at chances of winning (reduced now but still) vs 1% interest.
On average we win every 3 months - only 25 quid but it's nice and there's always the chance of something bigger!! (Yep, I occasionally buy a lottery ticket too when I want to dream!)

20,000 scratchcards

Joking obvs....

Open a stocks and shares ISA. Either pay the fee for someone to manage it or do it yourself via Hargreaves Lansdown or Nutmeg.

You generally have to think longer term for this though so might not be ideal for your situation.

Premium Bonds could be ok for you, your money is protected and you never know, you "could" win the jackpot!

Thank you everyone for your advice. I think I’m going to put it in premium bonds 😊