What to do with redundancy pay?

[wishIwasonholiday10]

DH got a fairly sizable redundancy pay recently and just wondering what to do with it in the short term while he looks for another job (and then we will decide what to do with the rest of it). Should we transfer most of it to some sort of savings account to earn a bit of interest? What type of account is best for this?

We currently have no debts (except mortage and student loan) but also no savings as we put everything into a recent house purchase so the money is currently in our current account.

Easy access savings and draw whatever amount is needed out each month to live on.

Put some into an easy access savings account that pays at least 4.5%, then some into Premium Bonds or an ISA (to avoid paying tax).

If he gets another job, one thing you can do with the balance over £30k (which shd be tax free already) is put it into pension to the extent you can get further tax relief

Depends, how much dis he get?

Go to the Maldives 😂