savings advice needed

robinson63

hi everyone, hope this is right place to post. I am in need of some good quality savings advice.
In the next couple of months I will have approx £30000 to invest in savings, what I need is the following , an account with instant access, which will give me a monthly return to supplement my income.

At present I earn £29500 approx PA but due to leaving forces I am forced to take lower salary job, to stay in this area, job pays £14500 plus I will have my pension payment monthly of approx £500 so in total I will have approx £1200 per month but would like an extra income from my savings to make life easier.

I don't want any high risk investments as I do not want to lose any of this sum as it will be my families life savings.

Can anyone point me in right direction before I go to see financial advisor.

Thanks

Andy

cheerfulcat

Hi, Andy,

£30,000 in a high-interest savings account will bring you ~£100 per month extra income. However, taking the interest as income rather than allowing it to compound means that in real terms your capital will be shrinking. Even at the official comedy inflation rate of 2.2%, in ten years' time your £30,000 will be worth only £24,000. Cash can be a riskier asset class than you might think.