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A lump sum is a single amount of money paid in on one occasion. It is usually a large sum of money.
If you find yourself with a large amount of money, you may wish to pay a lump sum into a savings account. The opposite would be to pay in regular smaller amounts of money.
There are a number of reasons why you might want to pay in a lump sum:
What should I do with my lump sum?
There is no right or wrong way to handle your lump sum, but each will have a slightly different outcome. Here are just a few things you could do with your money: