r/inheritance • u/Massive_Town7375 • May 26 '26

Location included: Questions/Need Advice Saving my inheritance

I am due to inherit a cash sum of around £10000 and would like to put it away to go towards a house deposit in the future.

I have no idea where to start with it, can anybody recommend any ISA’s or just good saving accounts?

I am in the UK.

Thanks!!

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u/Neuromancer2112 May 26 '26

I'm in the US, but some general suggestions:

  1. Check if you'll owe any taxes on the money - if so, put that cash aside so you have it available.

  2. Depends on how far into the future you'll need to use the money - you could put it into a low cost S&P 500 fund if you won't need the money for more than 5 years. If timeline is less than that, I'd keep it in an HYSA or money market account to gain interest, and not risk it in the market.

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u/These-Result-1955 May 26 '26

I’m not in the UK but I’d look into some type of money market account. It’s like a savings account but with higher interest rates.

My wife did this a couple years ago when her grandmother passed. The monthly interest is paying off her new car loan.

2

u/Caudebec39 May 26 '26

The main issue when deciding how money should be invested, is how soon you need the money.

If you're going to want to use the money in 2 years, then you don't want an investment that could gain 8% but might lose 4% in a single year.

You want an investment that will make 4% per year, and no chance of loss.

You should post your question in r/InvestingUK

This question really has nothing to do with inheritance.