£80,000 to save (long term)

Bigspender_2

Right, hopefully that has your attention...

My Dad has about £80,000 to save, doesnt need it and has a current account with plenty in so he doesnt need instant access, the highest interest rate i can find him is the 60 day notice account with Scottish Widows which is 5.09

where else is there to look, he has a CIS bloke coming round later to talk him into something, what can you guys, and gals suggest?

If you need anymore info please ask...

dunstonh

If he doesnt need it and its long term then sticking it all on deposit accounts is wasteful.

where else is there to look, he has a CIS bloke coming round later to talk him into something, what can you guys, and gals suggest?

CIS havent got a single good product so cancel the appointment with the CIS sales rep and get a real adviser round.

Bigspender_2

Where should he put the money then?

dunstonh

There are about 15000 or more areas to place the money available if you DIY or go through an independent adviser. Quite a bit more filtering needs to be done to ascertain what is best.

EdInvestor

Almost invariably the first thing to be mentioned is going to be an "investment bond."

View these with extreme caution.

Check out the charges

https://www.fsa.gov.uk/tables.

Although dunstonh will say these can be a good deal, in almost all cases they are not.

dunstonh

EdInvestor wrote:

Almost invariably the first thing to be mentioned is going to be an "investment bond."

View these with extreme caution.

Check out the charges

www.fsa.gov.uk/tables.

Although dunstonh will say these can be a good deal, in almost all cases they are not.

Ed always posts this complete rubbish and always ignores the evidence posted in response.

moneytroll

so affectionate again with each other :A
couldn´t there be a little bit of truth in one and a little bit in the other post?
it´s good to have a variety of opinions/views.
let´s get along again :beer:

Bigspender_2

Can i ask if there is anything wrong with lumping it all in the Scottish Widows 60 day notice account, my Dad wants something simple....

and about 4% interest

dunstonh

4% gross interest making 3.2% after tax and with inflation around 2.5%-3.0% currently, it would barely keep up with the cost of living.

Really he needs to be looking to put some of it to one side and try to get a little more from it.