Inheritance

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I inherited some money a few months ago (around £100,000) from my parents and since then it has been sitting in my current account because I don't know where else I should put it. Any advice will be gratefully received as I am clueless.

Investing is a good idea. If your not confident doing it yourself then put it into a fund. If you know anyone working in finance they may be able to get you in on a friends and family buy in or you could put it into your pension or something.

House? Shares? Bonds? Pension?

It depends on what you have already and what you want to get out from the money. Do you have any debt and if so would it be worth paying it off?

Pay off your mortgage? We put an inheritance (£20k) to good use paying down the mortgage, because of interest saved it will eventually mean we can retire earlier. Which is possibly not what most people think when they inherit money but then I'm only 36 so by the time I am 'retirement age' I don't think the concept will really exist.

At the very least you need to move the money to an easy access savings account, such as Marcus, whilst you make up your mind about what you want to do the money. After that get some decent advice. Stocks and shares isa, pay off mortgage etc. Good luck

I’m sorry for your loss

A bit more information would be useful 🙂
How old you are, whether you have a property, are a higher rate tax payer, have maxed your ISAs already, have a pension... all would influence replies and change the suitability of different options.

In the short term, whilst you don’t know what to do, I would put £50K into premium bonds. That’s the max you can hold. You cannot lose money, you won’t earn interest but your odds in the monthly prize draws will exceed your interest in a current almost certainly.

For anything else, more detail is needed.
Don’t be frightened by the amount though, and do nothing. There are options (like the premium bonds) that will do whilst you decide. You can probably get a free meeting with an IFA, but I’d start with thinking through where you are in life, and what you want to do. Work out how you’d like to live your life - and then work out the financial options around that.

At 20, I’d have quit my job and travelled for a year.
At 25, I’d have bought a flat that was suitable for me to live in or let out.
At 40, I’d have loaded it the hell into my pension!!!

In the immediate term, put £20k into an isa now, then open another one in April with the same amount (£20k is the max you can save each year). Put whatever you can comfortably lock away for 5 years into a Longer term bond with higher interest.

Do you have a mortgage? Family?

Pay off any debt you have. If you put in a pension make sure it's a sipp. Think about investments. You will most likely get a better return on equity than cash. Take advice but not from a high street tied its. Personally I would want a global portfolio as uk based may be risky wi5h Brexit - although some feel they are in the cusp of making a killing. Vanguard funds are getting good press at the moment as they are low fee. Will be years before we know if it is well deserved! Get rid of any mortgage you have unless you can far exceed the rate of interest on it. Upsize your property as it is a tax efficient way to grow capital without tying your money up like a pension (unless you think a house price crash is around the corner).