The short answer
Do not start by asking which product to buy. First decide what the €20,000 may need to do, when you may need it and how much risk you could genuinely accept. The same money cannot be your emergency fund, house deposit and long-term investment at the same time.
A lump of cash can feel like one decision. It is usually several decisions sitting in the same account.
Give the money separate jobs
Protect the short term.Keep an emergency buffer accessible.
Fund known plans.Money needed for a home, tax bill, education cost or other near-term goal should not be exposed to a risk you may not have time to recover from.
Review expensive debt.Compare the guaranteed interest saved by repaying debt with the uncertain return from investing.
Only then consider the long term.For money you will not need for several years, understand risk, charges, diversification, tax and the role of your pension before choosing anything.
In Ireland, the tax treatment of deposits, shares, funds, ETFs and pensions differs. That means the investment structure matters as well as the underlying asset. A regulated adviser can make a personal product recommendation after assessing your circumstances.
Money, Just For Her can help you organise the questions and trade-offs. It does not recommend a fund, provider or product.
Sources and further reading
Money, Just For Her provides financial education and coaching. It does not provide regulated financial advice or personal product recommendations.