Invest with instant access?

[studentvera]

Hi I’m very lucky to be inheriting £140,000 but will need to use most of it in 6 months on a house deposit for our first house.

Where should I put it to gain interest please but also have instant access?

thank you in advance

Look on MSE for the current best rates for instant access savings. It's not an 'investment' you are looking for, a straightforward savings account.

The highest interest saving account you can find. An inheritance gets FSCS protection above the usual £120k limit for months, so all in 1 account is fine.

Raisin is pretty good as a comparison for savings accounts. Just look at the easy / instant access ones, or a short notice account (i.e. 45 day notice).

NS&I has decent rates and is protected above the 85k guaranteed by most banks

Thank you will look now
yes guess I’m looking for an instant access savings account

The 85k is about to increase to 120k from the 1st dec

The 85k is about to increase to 120k from the 1st dec

Ford money pat good interest and are nice to work with. Put some In their ISA and the rest on instant access

Have you already got any ISAs and if so have you used this year's allowance? if not then...

If you are the right age to qualify and your house will cost less than £450k, LISAs are absolutely unbeatable. Open a LISA and put the maximum £4k in this year. The government will give you an additional £1k. When the next financial year arrives, if your house purchase hasn't yet gone through you can add another £4k and receive another £1k. Also you said "our" first house: if you have a spouse with whom you share finances and they also qualify for a LISA, you can give them £4k per year to do the same.

You would then have £16k left of your total annual ISA allowance, which you can put in a cash ISA. And likewise with your spouse if relevant.

Once you've used your entire ISA allowance, put the rest into a savings account with the best rate you can get. In April with the new financial year, move as much as allowed from that account into your LISAs and regular ISAs.