Investing

[Emerald Lady]

A while ago I came into a substantial amount of money, so far I have purchased a bigger house and paid off all my debts. At the time of receiving the money I was offered financial advice but decided not to take it. I am now wishing that I had. I have a sum left over and I am unsure of the best sort of savings account to use. I need one where I can get instant access to the money and I dont really want to invest it as I am new to all this. Any advice would be appreciated thanks

[BigMac]

If you need instant access, the best option is a cash mini-ISA (for up to �3,000). You can pay in �3k now for the 2005-06 tax year and then another �3k after 6th April 2006 for that tax year. If you have more to invest and still need instant access, then building society/bank accounts are probably the best option. Check the money pages of the weekend newspapers for details of the current best buys. Consider internet savings accounts - I think ING is offering a high rate.

But if the sum is particularly large, you may want to consider equity investment as over time it tends to deliver better returns than cash deposit savings. You can do this to deliver capital growth or income - depending on what you need.

As always, everything depends on your age, priorities and commitments. Do you need to save for a pension? Do you want to save for school or university fees?

Do take financial advice - consider an IFA who charges for time (like a lawyer or accountant) rather than one who receives payment through commission, as that could cloud judgment or influence recommendations.

Hope this helps.

[damajowi]

..or buy a whole load of premium bonds and take a chance on getting another substantial amount

good luck anyway.

[Buenchico]

Check out Martin Lewis's website, moneysavingexpert.com. Martin is a regular contributor to Radio 2's Jeremy Vine Show and Radio 4's Moneybox programme. He's also got a current series on ITV1, so he's highly regarded for the quality of his advice:
http://www.moneysavingexpert.com/
(Click the 'Savings & Investments' link).

Hoping this helps,

Chris

PS: So you're a lady of wealth seeking suggestions, eh? Here's one: Will you marry me? :-)

[Emerald Lady]

Hello, sorry about the delay in getting back, I didn't realise my question would be answered so quickly.

BigMac and damajowi thank you for your advice, I probably ought to take financial advice, it is just that it goes straight over my head.

buddha01 the money left over is equivalent to about 7 years full time wages (I work in a Post Office at present)

Buenchico thanks for the link, and as to the proposal, I have put you on the list as I have had quite a few lately, although I cant think why. You are quite near the top of the list as it is in alphabetical order and not date asked order

Thank you everyone

[DirtyHabit]

Are there some clues here? Emerald Lady
Are you the Irish lady who won the Euro Lottery? How much was it, I can't remember, 100 million Euro's.
It doesn't matter because I love you just for your charm ;-)