What would ypu do with £60,000. Today?

[EachandEveryone]

I know i cant open a S and S ISA i did try with Vanguard but they said it will take days for my id to be checked. So that will be for next week.

does a cash ISA take long to set up? As in, is it worth trying? Im with Barclays but they only offer 4.8% although it will be easier.

is it worth putting £40,000 into fixed rate bonds at 5.2%? Or should i just take a deep breath?😀

im sorry ive never had a lump sum before and im anxious to do the right thing. Im happy to lock it away.

I’d just put it in my bank account to be absorbed over time so not the best advice for you I’m afraid.

For the upcoming tax year, are you young enough to open a LISA and is it worthwhile for you - if you could save 4k towards retirement or buying your first house you get a 1k contribution from the government and you can invest it in shares. Then put another 16k in a stocks and shares Isa

I would follow Dave Ramsay’s advice with the rest of it

£20,000 in some sort of ISA or split between different ISAs and the other £40,000 in high rate savings accounts, maybe some in a fixed rate fixed term and some in an easy access in case you need some for something in the short term. If you're not sure I wouldn't tie it up for too long (one or two years?) so you can reconsider when they mature.

I had to take early retirement as the nhs closed the 95 Im 56

If it was me, I'd buy a kilo of gold bullion. Seriously, anyone seen the rise on gold? But then again, it wouldn't give a passover income if that's what you were after. Open an isa with iii. They did it pretty fast with me. Stick £20k in that. If you're any good in stockmarlet, choose a safe share. Like walmart or Amazon maybe?

Passive income I meant

Me personally, wack £50k in premium bonds whilst I decided what to do with it. Top up my MoneyBox LISA with £3k and then put the remainder in my MoneyBox 5.5% instant access saver, topping up my LISA again at the start of the new financial year.

I haven’t got a Lisa. So far I just opened a cash isa for a year. As soon as I’m able I’ll start a vanguard s&s one. I’m happy to lock most of it away after that although I’ll keep £5000 back

Get as much is an ISA - any ISA -as you can.
You can always transfer it into a S&Ss one next week, but you need to get it in today.
Next week, sort out where exactly you want it, and arrange the transfer. Then add an extra 20k.

Last 20k - cash savings?

A LISA is for people under 40, so wouldn't work for the OP.

I'd probably stick 20k in an easy access ISA today. 20k in an easy access ISA tomorrow, the same one if possible just for ease of management and 20k in premium bonds. Then take some time to do longer term financial planning.

Are you still in a union? You may be able to access free financial advice through them.

Just invest in the Vanguard FTSE All World ETF. Covers all corners of the globe.

ISAs and Premium Bonds interest is tax free. Ordinary savings accounts you have to hand income tax over to HMRC.

so I’d open an ISA today and then next week is the new tax year, so you can open another one. I think i have the dates right. That is £40 k

put the rest in Premium Bonds , and enjoy the fun of seeing if you win each month.
and after a year you can open another ISA

You wouldn’t put it in an ordinary fixed bond for a year the last £20000?

Well, an ordinary fixed bond will give you a definite amount of interest, less the 20%tax.
Premium bonds say the return is currently4.4%, which you get to keep all of. Have a look at the premium bonds thread in Money, and see what people are getting.
it depends on your attitude to risk.

Also depends if you might want to access some of your funds quickly. PB you can access in about 3 days. Bonds often lock money in for their duration

I'd pay off my mortgage and loans then with the left overs I would treat my son to that American holiday we've been dreaming about.

£50k in premium bonds - I am making a tax free 5%.
Go on holiday with the £10k.

As @SpringOfContentment and @GreenSmithing said, get as much as you can into an easy access cash ISA now (you can open one in minutes), and another £20k tomorrow. You can move some or all of this to an S&S ISA later as long as youbdonit as a transfer not a withdrawal. Put the rest into a high interest easy access saving account.

Do not put anything into any fixed term product or S&S until you have had time to think about it and make a proper plan.

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You may be able to get £20k of it immediately into a cash ISA with the bank the money is currently with. Then in new tax year you could do a transfer, along with another £20k into where you really want it invested.

It depends on what your situation is and what plans you have for the money. Don't put it in a fixed term bond if you are going to need access to it. If you are a higher rate tax payer then putting it into an isa (cash or stocks and shares) may be an option but you need to read up about investments and the risks and pitfalls first. If you have never had that sort of money before I would just find an easy access account to put it in for now and read up about investments and savings and have a think about what you might want to do with the money. Do you own a property? Do you have any debt? How old are you? All these would affect a plan you may have for that sort of money.

What does this mean OP? I know a bit about the NHS pension schemes, but can't work out what you mean.

Sorry. I was in the 1995 pension which closed and I was lucky enough to just scrape into it and have a speciality which meant I could go at 55 and keep my job so it was a no brainer really. I got a nice lump (97,000) and will carry on getting my salary plus monthly pension for as long as I am healthy
(I have bloody cancer) no dependants but many cats 😀

Put into my pension.