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Original poster

Unexpected cash

11 replies

beachcitygirl · 02/02/2023 13:49

Unexpectedly coming into around £25k

No mortgage, no debts. Very little savings. Low outgoings.

Would you invest in some slightly risky Investment or premium bonds or isa or something else? Thanks in advance

OP posts:
KangarooKenny · 02/02/2023 13:50

I’ve had premium bonds for 50 years and never won a penny.

Fairysilver · 02/02/2023 13:52

ISA only worthwhile if you are a high rate tax payer?
Premium bonds not the best return at the moment.
I wouldn't take a risk if that's your only savings.
Plenty of one year fixes around at just over 4%.
Have a look at Martin Lewis advice on savings.
www.moneysavingexpert.com/savings/savings-accounts-best-interest/#types

Defiantlynot41 · 02/02/2023 13:59

If you have no savings, you should put 6-12 months of outgoings into a savings account. Depending on how much notice you would get from work if you lost your job, you might be ok with choosing a notice account for this (eg if you are on 3 months notice , you could pick a 3 months notice savings account for a better rate of interest).

Then think about any planned expenditure eg holidays, new car etc and when you are likely to pay for these and pick an account with a similar timeline. You might decide Premium Bonds for part or all of this but do read Martin Lewis Money Savings Expert website.

After that you might try investing in a stocks and shares ISA, or putting money into your pension. Both of these are long terms propositions

There is a brilliant graphic that illustrates this really well, I will try to find it and post

Bedlamjulie · 02/02/2023 14:03

Funnily enough I'm coming into the same amount unexpectedly so I'm off to Bristol for a long weekend with my lovely 24 year old daughter.We have tickets for a reggae gig already paid for so we're going to stay for a couple more nights somewhere lovely.We'll take in the sights,some shopping ,eating & drinking.We'll travel in style ...she works for a company that supplies vehicles to film & TV sets..so she's already asked her boss if we can hire a nice car from him ( rather than her rickety old corsa ).So looking forward to it.
Enjoy yours x

Travelfan2021 · 02/02/2023 14:11

This reply has been withdrawn

This post has been withdrawn at the poster's request due to privacy concerns.

BarbaraofSeville · 02/02/2023 14:48

When I had premium bonds, I always beat the best available instant access interest rate, they can be a worthwhile alternative to a standard savings account.

Do you expect to make any large purchases in the short to medium term (new car, home improvements)? You'd need to keep money for that.

How secure is your income and does it cover your day to day expenses with scope to save?

The above would need to be accounted for before you invested anything, but you could do worse than putting some of it in a S&S ISA - Vanguard are good, low fees and very easy to use.

declutteringmymind · 02/02/2023 14:55

If you're a higher rate tax payer then consider a pension.

Original poster
beachcitygirl · 02/02/2023 17:53

I don't need to keep money aside for bills or eventualities. That's covered by my dp and I have my own flat as well. So financially secure long term.

OP posts:
Caterina99 · 03/02/2023 15:05

If you don’t need to keep any money aside then I’d invest 20k into a stocks and shares isa before April.

The remaining 5k I’d either put into the ISA after April, or put it in a fixed rate bond

Original poster
beachcitygirl · 03/02/2023 16:51

Thanks all! Much appreciated x

OP posts:
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